Caesars looks to extend deadline for reorganization proposal

Caesars Entertainment Operating Co. wants to wait until November to file its own reorganization proposal without the threat of rival plans.

In a filing with U.S. Bankruptcy Court in Chicago, Caesars said it wants until November 15 to file its proposal and until January 15, 2016 to solicit votes on any proposal it files.

“These Chapter 11 cases are also among the largest and most complex ever filed,” Caesars, which  is trying to restructure more than $18 billion in debt, said in the filing.

Among the properties included in the bankruptcy filings are most of the Caesars Palace Las Vegas, two casinos in Atlantic City and a dozen casinos in smaller U.S. markets.

“These cases are in their early stages and numerous outstanding contingencies could have a significant impact on the terms of the plan or a new plan proposed by the debtors,” Caesars said in the filing, noting the examiner’s probe could take at least six months. A hearing on the matter is set for April 29.

 

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