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Monday, November 24, 2014

Caesars calls noteholder's claim of default meritless, (NASDAQ: CZR)

Caesars Entertainment Corp disputed on Monday a claim that its operating unit had defaulted in the latest twist in the casino operator's attempt to restructure billions of dollars of debt.In a regulatory filing, Caesars said the operating unit, Caesars Entertainment Operating Co or CEOC, had not defaulted on the $1.25 billion of first-lien notes covered by a default notice.The dispute ratchets up pressure on Caesars, the world's largest gaming company, which has warned it may file for bankruptcy if it cannot find a plan to satisfy its creditors. The company has suffered continued losses in regional markets like Atlantic City that have offset strong results in Las Vegas.UMB Bank, trustee for the first-lien notes, notified Caesars on Friday of the alleged default by the operating unit, saying the unit had not received fair value for assets it recently transferred to other Caesars affiliates.

Caesars Entertainment Corporation, is a diversified casino-entertainment provider. Shares of CZR traded higher by 0.97% or $0.155/share to $16.18. In the past year, the shares have traded as low as $8.51 and as high as $26.74. On average, 1585190 shares of CZR exchange hands on a given day and today's volume is recorded at 777798.