Caesars Entertainment Corp. have reached an agreement with key senior creditors on the outline of a debt restructuring plan that includes a pre-packaged bankruptcy for its largest unit as soon as January, Bloomberg News reported yesterday. Under the plan being negotiated by first-lien bondholders including Paul Singer’s Elliott Management Corp. and Pacific Investment Management Co., the casino company would put its Caesars Entertainment Operating Co. unit into chapter 11 proceedings as soon as Jan. 14. The proposal, which is the product of eight weeks of talks between the casino operator and its creditors, would help tame a $22.9 billion debt burden taken on six years ago in one of the biggest leveraged buyouts ever. Caesars, taken private by Leon Black’s Apollo Global Management and TPG Capital for $30.7 billion in 2008, has lost money every year since 2009.
