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Caesars Entertainment unit files amended restructuring plan


Caesars Entertainment Operating Company, a subsidiary of Caesars Entertainment Corp., said its unit filed an amended restructuring plan along with a disclosure statement in a U.S. bankruptcy court.

The plan, supported by holders of more than 80 percent of the unit's first lien debt, also provides for higher recoveries to its junior creditors, the company said.

Caesars Entertainment said its unit was not seeking a hearing to approve the disclosure statement and solicit votes on the amended plan at this time.

“Now that CEOC has obtained the support of approximately $12 billion (or two-thirds) of its capital structure, it can continue its ongoing efforts to seek consensus with its junior creditors while also pursuing a path to emergence consistent with agreed upon milestones,” the company said in a statement.

The company's operating unit filed for Chapter 11 bankruptcy in January. The company has been battling creditors over bankruptcy of the unit and its plans to restructure the unit's $18 billion debt.

 

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