The operating unit of casino company Caesars Entertainment Corp. unveiled its plan to cut $10 billion of debt and to exit Chapter 11 in a bankruptcy court filing on Monday, Reuters reported yesterday. The plan formalized a proposal negotiated with senior creditors prior to the casino operator's January bankruptcy filing. It must be approved by Bankruptcy Judge Benjamin Goldgar in Chicago and by creditors, a process that can easily take a year or more. Under the proposed plan, the bankrupt unit would be split into an operating company that runs 38 casinos in 14 states and a property company that owns the real estate.
