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Friday, January 9, 2015

Caesars gets creditor support for debt overhaul, but hurdles remain, (NASDAQ: CZR)

Caesars Entertainment Corp said on Friday it has garnered enough support from key creditors to carry out its $18.4 billion debt restructuring plan for its operating unit, which will soon file for bankruptcy.Under the plan, the operating unit will file for bankruptcy by Jan. 20 and be split into two companies, one that runs 44 casinos in 13 states and a property company.The plan will reduce the debt associated with Caesars Entertainment Operating Co Inc to $8.6 billion from $18.4 billion.The casino operator has struggled for years, particularly outside Las Vegas, as gaming options have proliferated in the United States. Caesars has been weighed down with debt from a $29 billion leveraged takeover of what was then known as Harrah's Entertainment Corp in 2008 by TPG Capital and Apollo Global Management.

Caesars Entertainment Corporation, is a diversified casino-entertainment provider. Shares of CZR fell by 2.13% or $-0.3/share to $13.78. In the past year, the shares have traded as low as $8.51 and as high as $26.74. On average, 1648820 shares of CZR exchange hands on a given day and today's volume is recorded at 490672.