Caesars, Lenders Agree To Operating Unit's Bankruptcy Plan
LAS VEGAS (AP) — Caesars Entertainment Corp. says its operating division's largest creditors are on board with a bankruptcy plan to get it out from under some $10 billion in debt.
Days after the casino company said talks with its senior bank lenders had stalled, Caesars Entertainment announced Friday the group signed on to a plan that would allow its debt-heavy operating unit to emerge from bankruptcy and spin-off its real estate assets into a separate entity.
Caesars Entertainment Operating Co. amassed $18.4 billion in debt before it filed for bankruptcy protection in January. The company has been seeking its creditors' support with a negotiated plan it can take to a federal judge in Chicago by Nov. 15.
First-lien bondholders are already on board. The company is still negotiating with its second-lien creditors.