Caesars Entertainment
Between May and August 2014, sold 5% of a subsidiary's shares so it ceased to be wholly owned and fell away as a guarantor, then bought out majority bondholders in exchange for amendments to the parent's bonds. Followed by litigation and bankruptcy.
Discussed in Liability Management Exercises: Law and Practice at ¶¶ 2.91, 2.103, 2.148–2.149.