Caesars Entertainment Corp. scored a victory yesterday in its bid to dig out from under $18.4 billion in debt through the bankruptcy of its main operating unit, when a judge in Delaware said its financial restructuring could proceed in Chicago, Dow Jones Newswires reported yesterday. Bankruptcy Judge Kevin Gross steered the action toward a court where Caesars could have an easier time shaking off accusations it looted the big casino operation before putting it into chapter 11 protection. Judge Gross handed a setback to unhappy creditors, junior bondholders and bank lenders who had allied to keep the chapter 11 proceeding active in Delaware, instead of Chicago, the company's choice for an attempted soft landing for its debt-laden largest unit. In directing the chapter 11 case to proceed in Chicago, Judge Gross said that his overriding consideration was that Caesars was entitled to "just enough deference" for its choice, despite "suspect" conduct by the company in the period before its bankruptcy filing.
