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Caesars readies unit for bankruptcy as early as next week | News

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Caesars readies unit for bankruptcy as early as next week
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LAS VEGAS (AP) -- Casino giant Caesars Entertainment Corp. says a pre-packaged bankruptcy plan for its operating division has the blessing of the majority of its first-lien bondholders.

The company said Friday in financial filings that the holders of more than 60 percent of the operating division's debt OK'd a restructuring agreement clearing the way for the company's division to take its plan to bankruptcy court as early as Jan. 15 but no later than Jan. 20.

Caesars has been negotiating with lenders and bondholders for months coordinating a strategy to turn its debt-heavy operating division into a real estate investment trust with one segment owning the casinos and another leasing them.

Caesars needed the holders of at least 60 percent of the debt to OK the plan before the agreement took effect.

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