Caesars Entertainment Corp. supports demands by creditors for an independent examiner to review recent deals by the casino company's bankrupt operating unit, Reuters reported yesterday. Caesars' operating unit plans to cut its debt to $8.6 billion from $18.4 billion. The operator of 38 casinos has blamed a saturated U.S. gambling market and sluggish economic recovery for its financial problems. Creditors led by the Appaloosa Management hedge fund have said that Caesars "plundered" billions of dollars in choice assets from the operating unit, including Planet Hollywood and The Linq in Las Vegas. The creditors asked for the appointment of an examiner to investigate the operating company's deals dating back to 2010. The parent company said in a filing with Chicago's U.S. Bankruptcy Court on Sunday that an examiner would confirm the property transfers were fair and provided billions of dollars in cash to the operating unit.
