Caesars Entertainment's operating division may file for Chapter 11 bankruptcy as early as Thursday, seeking relief after a 2008 buyout left it saddled with billions in debt.
The company says it has a majority of its debt holders on board with a pre-planned bankruptcy agreement that would reorganize Caesars Entertainment Operating Corp. into two separate companies — one to own casino-hotels and the other to lease them — and cut its existing debt by about $10 billion.
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Analysts say customers shouldn't notice a difference and no properties will likely close. But the bankruptcy proceedings may not move as quickly as the company hopes, considering the complexity and creditor demands.