Caesars, Creditors Reach Bankruptcy Deal
Caesars Entertainment and creditors have reached a deal to end the company's bankruptcy proceedings.
Reuters reports [http://www.reuters.com/article/us-caesars-bankruptcy-idUSKCN11X172] Caesars Entertainment Operating Corporation will pay some creditors two-thirds of a dollar for every dollar owed to them as a result of the deal.
Others, depending on their liabilities, will receive slightly more than a dollar for every dollar they are owed.
The deal comes after months of negotiations to get the company out of bankruptcy, for which proceedings have been ongoing since January 2015.
The stock market didn't seem to like the deal, though.
Caesars' shares opened Wednesday at $7.65.
That's down compared to a closing price of $9.46 Monday.