Caesars Entertainment (CZR), CEOC Update on Debt Restructuring; Significant Progress Made

September 26, 2016 6:02 AM EDT

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Caesars Entertainment Corporation (NASDAQ: CZR) ("Caesars Entertainment") and Caesars Entertainment Operating Company, Inc. ("CEOC") and its Chapter 11 debtor subsidiaries (collectively, the "Debtors") announced that there are ongoing discussions among Caesars Entertainment, the Debtors and all of CEOC's major creditor constituencies to reach an agreement on a consensual debt restructuring.

Caesars Entertainment and CEOC made significant progress towards reaching an agreement with all parties on the material economics of the restructuring in advance of the Friday, September 23 deadline. Caesars Entertainment and CEOC are working vigorously and collaboratively with the parties on the details and documentation. Although there can be no assurance, Caesars Entertainment and CEOC remain optimistic that an agreement will be reached to permit Caesars Entertainment to continue to support CEOC's plan in conjunction with consensus among CEOC's major creditor constituencies.

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