Caesars Entertainment Corp.s bankrupt operating unit won permission to submit its reorganization plan to creditors for a vote, setting the stage for a final courtroom showdown early next year between the casino giant and bondholders who say theyre being shortchanged.
At a hearing in Chicago Wednesday, U.S. Bankruptcy Judge A. Benjamin Goldgar ruled that Caesars Entertainment Operating Co.s disclosure statement, which explains the plan, contains enough information for creditors to make an informed decision on whether to accept its terms. Most senior creditors of the unit, known as CEOC, have already pledged to back the proposal. Creditors have until Oct. 31 to vote.
CEOC and its non-bankrupt parent can now focus on negotiating a deal with …
Read the full article at: http://www.bloomberg.com/news/articles/2016-06-22/caesars-creditors-to-vote-on-plan-but-confirmation-fight-awaits