Restructuring On Track For Caesars Subsidary

By Jay Bartos

Published January 9, 2015 at 6:50 PM PST

Caesars Entertainment has reached the critical threshold of creditor support to move forward with a bankruptcy restructuring plan for its operating subsidiary, the casino company announced today.

In a filing with the Securities and Exchange Commission, Caesars said that more than 60 percent of first-lien bondholders have signed on to a plan that will slash nearly $10 billion of the subsidiary’s $18.4 billion debt. Caesars needed at least 60 percent of those bondholders to support the plan by Monday.

The subsidiary, Caesars Entertainment Operating Company, is on track to file for bankruptcy later this month.
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Jay Bartos

Jay Bartos joined Nevada Public Radio in 1993 to develop and manage the state’s first radio reading service for people unable to use standard printed material due to blindness or another disability. After the reading service was discontinued in 2011, he became the afternoon host on KNPR for ten years. Jay can now be heard on air on News 88.9 KNPR and Classical 89.7 KCNV throughout the week.

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