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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 in Chicago on Thursday to cut $10 billion of debt, but a Delaware judge intervened to halt the case before it got started.The unusual legal standoff marked the start of a more public phase of complex and contentious debt negotiations. Until now, the company's attempts to cut interest payments after years of red ink have been kept mostly private.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 6.37% or $-0.81/share to $11.90. 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 2081007.