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

Thursday, October 8, 2015

Caesars to face lawsuits while running casino's Chapter 11, (NASDAQ: CZR)

Caesars Entertainment Corp's bankrupt casino unit struggled on Thursday to keep its complex debt-cutting plan on track, saying it had sweetened the payout to its creditors whose position was strengthened by a key court victory.The casino operator also asked the bankruptcy court to extend its control over its Chapter 11 restructuring to March 15, from the current expiration date of Nov. 15. Soon after the company unveiled the modified plan, a U.S. judge in Chicago ruled that creditor lawsuits could proceed against the parent company, Caesars Entertainment, which is not protected by bankruptcy.Lawyers for the operating unit had argued that those lawsuits in courts in New York and Delaware should be put on hold or the parent company could face up to $11 billion in judgments and be forced in to bankruptcy alongside its unit.

Caesars Entertainment Corporation (Caesars) is a holding and casino-entertainment and hospitality services company. Shares of CZR traded higher by 1.66% or $0.13/share to $7.95. In the past year, the shares have traded as low as $3.30 and as high as $17.39. On average, 1587100 shares of CZR exchange hands on a given day and today's volume is recorded at 1380660.