Caesars Entertainment Corp. faces a new attack in its effort to cut billions in debt, this time from a trustee for bondholders whose support the casino giant needs to restructure its bankrupt operating unit, Bloomberg News reported yesterday. UMB Bank, a trustee for senior bondholders owed more than $6 billion, sued Caesars Monday in Manhattan federal court, echoing allegations that until now had been mostly pushed by a less-influential group of lower-ranking creditors. Caesars has tried for months to line up enough senior creditors to win approval of a proposal to cut lower-ranking debt, allow the parent to retain a stake in the operating unit and halt related lawsuits against its private-equity owners, Apollo Global Management and TPG Capital.
