Bankruptcy Judge Benjamin Goldgar allowed the operating unit of Caesars Entertainment Corp. to control its bankruptcy for another month, as creditors try to reach common ground with a court-appointed investigator probing the company's pre-bankruptcy dealings, Reuters reported yesterday. Caesars Entertainment Operating Co., the largest U.S. casino operator, went bankrupt in January with $18 billion in debt. An independent examiner has been tapped to investigate whether the company's equity owners, which include Apollo Global Management LLC and TPG Capital LP, illegally transferred key assets out of creditors' reach before the bankruptcy filing. Caesars had asked to extend its exclusive right to propose a restructuring plan until Nov. 15 from May 15, a request opposed by creditors, including first-lien noteholders. Judge Goldgar extended exclusivity only until May 27, the date of Caesars' next omnibus hearing.
