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Monday, January 26, 2015

Caesars makes its pitch for Chicago as bankruptcy venue, (NASDAQ: CZR)

The casino operating unit of Caesars Entertainment Corp should be allowed to choose where to file for bankruptcy even if it misbehaved, the company's lawyers argued on Monday as its Chapter 11 case unfolded in two courts.Creditors of Caesars' operating unit want a U.S. Bankruptcy judge to move its Chapter 11 case from Chicago to Delaware, where the creditors have tried to push the company into bankruptcy. The creditors hope a Delaware court will be less favorable to the company's strategy for getting its debt-cutting plan approved.Monday's hearing was adjourned in the afternoon as a major winter storm loomed. Closing arguments will be held on Tuesday at 10 a.m. by telephone.The hearing will decide where the bankruptcy will proceed, and by extension which legal standard to apply to Caesars' $10 billion debt-cutting plan - the one in Chicago or the one in Delaware.

Caesars Entertainment Corporation, is a diversified casino-entertainment provider. Shares of CZR traded higher by 2.92% or $0.34/share to $12.00. In the past year, the shares have traded as low as $8.51 and as high as $26.74. On average, 1482240 shares of CZR exchange hands on a given day and today's volume is recorded at 841369.