Will Hill CEO Inherits Debts

The new Chief Executive Officer at William Hill has a lot in common with United States President elect Barack Obama; they both inherited a massive debt from the person who previously held their post. CEO Ralph Topping is stepping into a pretty deep hole in which is not only caused by the online casinos that Will Hill owns, but by the land based casinos. This is a huge burden for any one to have, let alone if you have to inherit it because of someone else’s poor judgment. With the economy being at the current state that it is, credit is limited and the financial officials at the online casino are attempting to refinance GBP 1.2 billion of its debt with the major banks of the US and the United Kingdom.

The financial team of William Hill has assigned several specialists that that will lead the discussions with the institutions that will consider the refinancing of the online casino. The financial discussions do have a timeline, they hope do be done with all negotiations by February. There have been reports that are stating that William Hill should make their moves quickly because credit is going to become increasingly harder to come by as the economic climate of the world gets worse and worse. The state of the economy is even bad for online casinos as William Hill has appointed debt-advisors to their financial team. William Hill’s online casino stocks have gone down considerably since the start of this recession. They have lost over 60 percent of the value of their stock. They believe that a large part of it is because of the exposure of their economic status. Reports that they may be going into debt have been going around the rumor mill before they were actually in debt. Hopefully they will be able to ride this thing out.