Caesars Entertainment Operating Company Files Amended Plan Of Reorganization

(RTTNews) - Caesars Entertainment Operating Company, Inc., a subsidiary of Caesars Entertainment Corp. (CZR), announced that it has filed an Amended Plan of Reorganization with the United States Bankruptcy Court for the Northern District of Illinois. The Amended Plan provides for a tax-efficient corporate and balance sheet restructuring that maximizes the value of the businesses by converting CEOC into a real estate investment trust.

The Amended Plan provides for a comprehensive restructuring transaction that is supported by holders of more than 80 percent of CEOC's First Lien Bank Debt and First Lien Notes pursuant to restructuring support agreements CEOC has entered into with both creditor groups. The Amended Plan also provides for enhanced recoveries to the company's junior creditors. If consummated, the Amended Plan will eliminate approximately $10 billion in aggregate debt from CEOC's balance sheet.

CEOC noted that its business performance improved in the first half of 2015 compared with the prior year, driven by, among other factors, marketing, labor efficiencies and strong hospitality revenues.