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Actionable news in CZR: Caesars Entertainment Corporation,

Caesars Seeks Time to Market Assets, Sway Junior Creditors

Caesars Entertainment Operating Co. asked a bankruptcy judge for more time to reorganize, saying it may adjust its restructuring plan by starting a potential sales process this month, while trying to persuade dissident junior creditors to drop their opposition.

The company hasn’t agreed to sell any assets, but plans a “marketing process” that will value its reorganization proposal by soliciting bids from potential buyers that Caesars chose to contact, according to papers filed late Wednesday in Chicago bankruptcy court.

Caesars has a deal with its two most senior creditor groups: bank lenders and secured bondholders who are together owed about $12 billion. The Las Vegas-based company hasn’t been able to reach a deal with a majority of its middle-tier bondholders or unsecured creditors on how to cut debt and reorganize under Chapter 11 of the U.S. Bankruptcy Code.

“There are numerous unresolved issues that must be addressed to bring these Chapter 11 cases to conclusion,”...


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