Caesars Clears Bankruptcy Hurdle
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Caesars Entertainment inched closer to a restructuring deal after a bondholder bought $500M of debt from BlackRock Inc. The transaction means that 63% of the Las Vegas-based company's bondholders have signed on to a plan that puts the casino-owning subsidiary Caesars Entertainment Operating Co. into bankruptcy by January 15 and turns it into a real estate investment trust.
The largest American casion operator has been negotiating the plan with creditors for four months. CEOC is $18.1B in debt, and BlackRock was one of Casars' lenders to exit negotiations last month. The company needed 60% of bondholders to agree to restructuring terms by next Thursday's deadline.