Caesars offers to contribute $4B as part of unit’s bankruptcy plan
By Tracy Rucinski, Reuters
CHICAGO — Caesars Entertainment Corp. has offered $4 billion in a new plan to help its casino operating unit emerge from Chapter 11 bankruptcy, a lawyer for the unit told a U.S. Bankruptcy judge earlier this month.
Under the new plan, creditors will receive a bigger payout than under an initial framework restructuring agreement, which included a contribution from the Caesars Entertainment parent worth $1.5 billion.
The initial agreement was widely opposed by creditors of the bankrupt unit, who are collectively owed $18.4 billion.
Caesars is the parent company of Harrah’s and Harveys at Stateline.
