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Actionable news in CZR: Caesars Entertainment Corporation,

Caesars must face $11 billion in lawsuits: U.S. judge

Las Vegas Strip casinos are seen from the 550 foot-tall (167.6 m) High Roller observation wheel, the tallest in the world, in Las Vegas, Nevada April 9, 2014.

Caesars Entertainment Corp (CZR.O) must face lawsuits from bondholders seeking some $11 billion in claims, a U.S. judge ruled on Friday in a decision the casino company had warned could plunge it into bankruptcy alongside its operating unit.

Shares of the Nevada-based gaming company fell 12 percent after-hours.

Caesars Entertainment Operating Co (CEOC), which filed for Chapter 11 protection in January 2015, was asking for a third court shield from lawsuits against its parent to protect a multibillion-dollar contribution to its reorganization plan.

The high-stakes CEOC bankruptcy has been plagued by a complex web of litigation pitting some of the most aggressive investors on Wall...


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