Navigate this market better. Subscribe for FREE stock alerts and information.

Thursday, January 15, 2015

Caesars Entertainment's operating unit files for bankruptcy, (NASDAQ: CZR)

The operating unit of Caesars Entertainment Corp, the largest U.S. casino company, filed for Chapter 11 bankruptcy on Thursday to implement its plan to cut $10 billion of debt.The company said it has the support of its senior noteholders to implement the plan, which will reduce the operating unit's debt to $8.6 billion from $18.4 billion.The bankruptcy protection was filed by Caesars Entertainment Operating Company Inc and several affiliates in the U.S. Bankruptcy Court for the Northern District of Illinois.They listed assets and liabilities of over $1 billion, according to the filing.

Caesars Entertainment Corporation, is a diversified casino-entertainment provider. Shares of CZR traded higher by 0.63% or $0.08/share to $12.71. In the past year, the shares have traded as low as $8.51 and as high as $26.74. On average, 1563150 shares of CZR exchange hands on a given day and today's volume is recorded at 1618416.