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

Thursday, January 15, 2015

Caesars files Chicago bankruptcy, halted by Delaware judge, (NASDAQ: CZR)

The operating unit of Caesars Entertainment Corp, the largest U.S. casino company, filed for Chapter 11 bankruptcy on Thursday in Chicago to cut $10 billion of debt, but a Delaware judge intervened to halt the case before it got started.The legal standoff marked the opening of a new phase in what have already been complex and contentious debt negotiations after the company ran up years of losses.Caesars maintains it has the support of its senior noteholders to implement the bankruptcy plan, which would reduce the operating unit's debt to $8.6 billion from $18.4 billion.The bankruptcy was filed overnight by Caesars Entertainment Operating Company Inc and 179 affiliates in the U.S. Bankruptcy Court in Chicago.

Caesars Entertainment Corporation, is a diversified casino-entertainment provider. Shares of CZR fell by 6.45% or $-0.82/share to $11.89. 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 1724242.