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Wednesday, January 28, 2015

Judge says Caesars' bankruptcy to proceed in Chicago, (NASDAQ: CZR)

A U.S. bankruptcy judge said on Wednesday he would not transfer the bankruptcy filing of Caesars Entertainment Corp's operating unit to Delaware from Chicago, a victory for the company's private equity backers. Hedge funds creditors wanted the casino company's $10 billion debt-cutting plan reviewed under the legal standards of the Delaware court. They feared the standards of the Chicago court, where Caesars filed on Jan. 15, would be more favorable to controlling shareholders Apollo Global Management and TPG Capital.

Caesars Entertainment Corporation, is a diversified casino-entertainment provider. Shares of CZR traded higher by 3.68% or $0.43/share to $12.10. In the past year, the shares have traded as low as $8.51 and as high as $26.74. On average, 1478760 shares of CZR exchange hands on a given day and today's volume is recorded at 275677.