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

Thursday, January 15, 2015

Caesars' operating unit files for bankruptcy, but venue unclear, (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, but faced an immediate challenge over where the case should proceed.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 (CEOC) and scores of affiliates in the U.S. Bankruptcy Court in Chicago.Much of the debt is a legacy of the $30 billion leveraged takeover of Harrah's Entertainment that was led by Apollo Global Management and TPG Capital in 2008.

Caesars Entertainment Corporation, is a diversified casino-entertainment provider. Shares of CZR fell by 6.29% or $-0.8/share to $11.91. 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 220320.