Caesars Entertainment Corp. plans to skip a $225 million interest payment to junior creditors of its biggest unit yesterday as the gaming company looks to wrap up a debt restructuring agreement with senior bondholders, Bloomberg News reported yesterday. The most indebted U.S. casino operator will enter a 30-day grace period to make the coupon payment to owners of $4.5 billion of 10 percent of second-lien notes due December 2018. Las Vegas-based Caesars won’t make the payment while it’s seeking to resolve a plan to cut borrowings of the unit, Caesars Entertainment Operating Co., with its most-senior bondholders. Caesars and a group of first-lien bondholders are nearing the conclusion of negotiations to put the operating company into a Delaware bankruptcy court by Jan. 15. The new company would emerge from chapter 11 proceedings as a real estate investment trust.
