The Subsidiary of Caesars Entertainment Filed for Bankruptcy

caesars-entertainment-75x49The subsidiary of the powerhouse Caesars Entertainment Co, Caesars Entertainment Operating Company or CEOC in short, has filed for bankruptcy under Chapter 11 protection as part of its plan to reduce debt in the long run. This move is part of a bigger plan to restructure the huge debt of the firm which is reported to be $18.4 billion or €15.8 billion. According to the plan supported by 80 percent of first-lien noteholders, the properties of Caesars Entertainment will remain open. CEOC is also planning to pay suppliers in full on or after 15 January 2015.

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