Caesars Entertainment Corp. is inching closer to a deal to finance the reorganization of its bankrupt operating unit and end two years of rancorous court battles that embroiled the casino giant and its controlling shareholders, Apollo Global Management LLC and TPG Capital, Bloomberg News reported on Saturday. Caesars Entertainment Operating Co.’s bondholders and lenders are hammering out the framework of a deal. Negotiations continued on Saturday after a Friday deadline passed without a final agreement. The parties must determine how to divide a $400 million payout called for in a new plan the casino operator offered two days ago to get holdout second-priority creditors on board with a restructuring. A proposal under discussion would require the operating unit’s most senior bondholders and lenders to give up $170 million of their original recoveries, while Caesars provides $200 million. The unit’s lower-ranking, second-lien bondholders, a group that includes David Tepper’s Appaloosa Management, would forgo the remaining $30 million.
