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Caesars Close to Bankruptcy Agreement

Caesars Close to Bankruptcy Agreement

One week after lenders walked out of debt restructuring meetings with Caesars Entertainment, the largest American casino operator is nearing a deal to place its most indebted unit into bankruptcy court by January 15.

Sources familiar with the negotiations told Bloomberg that under the deal Caesars would enter bankruptcy proceedings pertaining to its Caesars Entertainment Operating Co. division, which currently carries $18.1B in debt. A group of first-lien bondholders continued negotiations with the company after the other creditors, including BlackRock and Franklin Resources, exited the talks. Caesars hopes to eventually turn the unit into a real estate investment trust.