Caesars strikes deal to end main unit’s bankruptcy
By Tracy Rucinski, Reuters
Caesars Entertainment Corp said on Tuesday it has struck a crucial $5 billion deal with most of its casino operating unit’s creditors, resolving billions of dollars in legal claims and paving the subsidiary’s way out of a costly bankruptcy.
The Las Vegas-based company’s main operating unit, Caesars Entertainment Operating Co Inc, filed in January 2015 one of the most complex U.S. bankruptcies with $18 billion of debt.
The restructuring has been embroiled in a sprawling web of litigation between some of Wall Street’s most aggressive investors.
Caesars is the parent company of Harrah’s Lake Tahoe and Harveys in Stateline.
