Restructuring On Track For Caesars Subsidary
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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