Fancy footwork as Apollo works to salvage bad Caesars bet

• Apollo Global (APO -2.9%) - along with TPG - took Caesars private in 2007 in a $28B leveraged buyout. At the center of Apollo's plan to recoup at least some of the $1.7B it invested is the transferring of some of the casino chain's most valuable assets from soon-to-be bankrupt Caesars Entertainment Operating Company to other Caesars affiliates.
• It's a move which has infuriated creditors, but if it works, it could offer a roadmap for other struggling companies to hang onto some of their businesses even when creditors aren't repaid in full.
• Big hurdles naturally stand in the way, including lawsuits from creditors challenging the transfers, and the lack of necessary support for the restructuring plan for Caesars Entertainment Operating Co.