Caesars Entertainment’s Operating Unit Files Amended Restructuring Plan

Caesars Entertainment (CZR) said early Thursday its Caesars Entertainment Operating unit filed an amended reorganization plan to convert the unit into a real estate investment trust in a U.S. bankruptcy court. Caesar’s operating subsidiary said the restructuring plan is supported by holders of more than 80% of its first lien debt and that it would eliminate approximately $10 billion in aggregate debt from the unit’s balance sheet if it is confirmed by the bankruptcy court.

Caesars Entertainment Operating unit was placed under Chapter 11 bankruptcy protection in January by Caesars Entertainment. Shares of CZR were inactive pre-market Thursday after closing in the lower half of the 52-week range of $3.30 to $17.39.

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