Caesars Entertainment Reaches Tentative Deal On Debt-restructuring : Report

(RTTNews) - Caesars Entertainment Corp. (CZR) has reached a tentative deal with senior bondholders on a debt-restructuring plan for its largest unit, the Wall street Journal reported citing people familiar with the matter.

The report indicated that the agreement moves Caesars closer to winning enough creditor support for a plan that would put the unit, Caesars Entertainment Operating Co., into bankruptcy protection early next year and convert it into a real-estate investment trust.

Caesars is reportedly trying to get enough creditors to back the unit's restructuring plan before a mid-January interest-payment deadline.

The report said that the unit has roughly $18.4 billion in debt, much of which is held by hedge funds that buy up the debt of troubled companies.