UPDATE: Caesars Entertainment (CZR) Will File New Bankruptcy in Chicago Tomorrow
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Caesars Entertainment (Nasdaq: CZR) is planning to put its main operating unit into bankruptcy tomorrow.
Bloomberg notes that Caesars announced its intentions via a court filing today. The bankruptcy will be filed in Chicago.
There's also a group of creditors that filed a case in Delaware two days ago.
Caesars believes those creditors will act recklessly
to disrupt a deal the company has already worked out with noteholers. The creditor group sees the deal as unfairly protecting the company at their expense.
Caesars has lost money each year since 2009 as the company worked to shuffle assets and refinance debt tied to a private equity buyout in 2008. The company has looked to split the company into a good
and bad Caesars, with the good side holding the valuable properties and the bad side with most of the debt.
Creditors are looking to have a Delaware bankruptcy court examine the dealings of the bad unit, which owes $18 billion.
Shares of Caesars are down 0.5 percent.
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