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Tuesday, November 11, 2014

Caesars lining up creditors for January bankruptcy-Bloomberg, (NASDAQ: CZR)

Debt-strapped casino operator Caesars Entertainment Corp has reached an agreement with key senior creditors on the outline of a restructuring plan that includes a prearranged bankruptcy for its largest unit as soon as January, Bloomberg reported, citing two people with knowledge of the negotiations. Under the plan being negotiated by first-lien bondholders, including Paul Singer's Elliott Management Corp and Pacific Investment Management Co, the casino company would put its Caesars Entertainment Operating Co unit into Chapter 11 proceedings as soon as Jan. 14, Bloomberg reported. ( closed its Showboat casino in August because of falling revenue and high property tax in Atlantic City.The company could not be immediately reached for comment.Caesars said in June that it will likely agree to a debt restructuring with bondholders within a year and should have no problem financing a foray into the Japanese market.

Caesars Entertainment Corporation, is a diversified casino-entertainment provider. Shares of CZR fell by 3.47% or $-0.4/share to $11.14. In the past year, the shares have traded as low as $8.51 and as high as $26.74. On average, 1461650 shares of CZR exchange hands on a given day and today's volume is recorded at 1827238.