Caesars Entertainment strikes another deal with debtors

The casino operator announced it has reached an agreement with senior lenders to restructure the company’s debt.

US.- In a filing with the Securities and Exchange Commission Caesars Entertainment said it has reached an agreement with senior lenders to restructure the company’s debt.

According to the company, the agreement will be effective when it is signed by consenting bank creditors holding greater than two-thirds of the aggregate amount of all first lien bank claims. Under the amended deal, debtors agreed to support and “not hinder” the company’s restructuring and to obtain an order from the bankruptcy court to pay first lien bank claims holders US$300 million as soon as practicable.

Caesars Entertainment Corporation, through its subsidiaries, provides casino-entertainment and hospitality services worldwide. It operates in three segments: Caesars Entertainment Resort Properties, Caesars Growth Partners Casino Properties and Developments and Caesars Interactive Entertainment.

The stock raised 1.44 percent or US$0.12 after the news, reaching US$8.45 per share. About 360,086 shares traded hands. Caesars Entertainment Corp (NASDAQ:CZR) has risen 8.60 percent since November 12, 2015 and is currently uptrending.