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Thursday, October 8, 2015

Caesars tries to keep control of bankruptcy, sweetens plan, (NASDAQ: CZR)

The operating unit of Caesars Entertainment Corp said on Thursday it had modified its bankruptcy exit plan to sweeten the payout for junior creditors and asked to extend its control over its Chapter 11 restructuring.Caesars' casino business, formed from the 2008 takeover of Harrah's, went bankrupt in January. Its exclusive rights over the bankruptcy plan, which a judge has already extended once, are currently due to end on Nov. 15. The company now wants until March 15 to try to reach common ground on a plan that has so far been fiercely opposed by some holders of the unit's $18 billion debt.The company is also still waiting for a review of pre-bankruptcy dealings from an independent examiner. The report, initially due in November or December, is not likely to be ready until early next year, sources with knowledge of the matter have said.

Caesars Entertainment Corporation (Caesars) is a holding and casino-entertainment and hospitality services company. Shares of CZR traded higher by 1.92% or $0.15/share to $7.97. 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 321518.