Caesars Entertainment Corp. said that it reached a deal with the most-senior lenders to its bankrupt unit, allowing the casino operator to focus on getting support from the last major group holding out on its restructuring plan, Bloomberg News reported on Saturday. The agreement, announced on Friday, requires the lenders to approve Caesars’ plan to reorganize its main operating subsidiary, the bankrupt Caesars Entertainment Operating Co. The pact is effective immediately, meaning a majority of the loan holders have signed it. The casino company, owned by Apollo Global Management LLC and TPG Capital, now has support from holders of its two most-senior slices of debt for the plan to turn the unit into a real estate investment trust. The obligations total $11.7 billion.
