Caesars Entertainment Corp. and its bankrupt operating unit have offered an olive branch to a group of bondholders in a bid to move the unit’s chapter 11 restructuring forward, the Wall Street Journal reported today. Caesars Entertainment Operating Co. says that it and its publicly traded parent, which isn’t in bankruptcy, have offered 85 cents on the dollar to the holders of $502 million in bond debt guaranteed by the CEOC unit’s subsidiaries, the casino companies said yesterday. The settlement offer, which isn’t binding and is subject to further negotiation, would settle a skirmish between the bondholder group and CEOC’s senior creditors. The settlement offer comes as CEOC works to achieve broad creditor support for its $18 billion restructuring, which has been marked by numerous creditor battles.
