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Caesars Entertainment unit files amended restructuring plan

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Caesars Entertainment's operating unit filed for Chapter 11 bankruptcy in January.

Caesars Entertainment (NASDAQ:CZR) climbed in morning trades, rising for the fifth time in six sessions, after the casino operator said its unit filed an amended restructuring plan along with a disclosure statement in a U.S. bankruptcy court.

Shares rose 4.9% to $8.20 at 10:20 a.m. in New York. The stock has gained 22% over the past five days.

The plan, supported by holders of more than 80% of the unit's first lien debt, also provides for higher recoveries to its junior creditors, the Las Vegas, Nevada-based company said in a statement on Thursday.

Caesars Entertainment said its unit was not seeking a hearing to approve the disclosure statement and solicit votes on the amended plan at this time.

The company's operating unit filed for Chapter 11 bankruptcy in January. 

The company has been wrestling with creditors over bankruptcy of unit and it plans to restructure the unit's $18 billion debt. 

 

 

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