Talks Stall Between Caesars, Lenders On Bankruptcy Plan
LAS VEGAS (AP) — Talks have once again ended between a bankrupt division of casino giant Caesars Entertainment Corp. and its bank lenders as the company aims to get its creditors on board with a reorganization plan before November.
In a Securities and Exchange Commission filing on Monday the company said talks ended the day before after the two sides couldn't come to an agreement on terms. Lenders want Caesars Entertainment Corp. to hand over $125 million in cash up front, more than the $62.5 million the company has offered, among other things.
The debt-heavy Caesars Entertainment Operating Co. division filed for bankruptcy in January to rid itself of most of the $18.4 billion in debt it had amassed.
The company has until Nov. 15 to file a reorganization plan with the court.