Amaya borrowed heavily back in 2014, in order to finance its $4.9 billion takeover of the Rational Group and its assets, which included PokerStars and Full Tilt, a deal that Baazov himself orchestrated. The company said in an official statement this week that the overhaul of its loans would save it around 13 percent ($15.4 million) in interest expense annually.<\/p>\n
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It will use $48 million of a previously allocated 2016 excess cash flow to pay an additional amount on the remaining balance of its deferred payment obligation to the Scheinbergs, PokerStars\u2019 previous owners, by May 15 this year. This balance, owed from the sale of Rational Group, currently stands at $122.5 million.<\/p>\n<\/div>\n
“The successful completion of this transaction underscores the strength of our current business and operations, as well as the continued support of our existing lenders and interest of new lenders,” said Kimberly Fitzgerald, Amaya’s vice president of finance and capital markets.<\/p>\n
“The transaction will help reduce our currency risk, lower our interest expense, and accelerate the payment of the remaining amounts owed on our deferred payment obligation,\u201d she added.<\/p>\n","protected":false},"excerpt":{"rendered":"
PokerStars parent Amaya, Inc. has announced it has\u00a0restructured its US dollar and euro-dominated first-lien loans in a bid to free up cash flow. And one of the provisions of the refinancing agreement appears to refer to former CEO and ex-chairman David Baazov. The provision rather coyly requires Amaya to distance itself from its co-founder and […]<\/p>\n","protected":false},"author":42,"featured_media":46316,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,21,10,19],"tags":[],"acf":[],"yoast_head":"\n
Amaya Debt Restructuring Designed to Keep Ex-CEO David Baazov in the Cold<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n