Business

Caesars unit seeks more time for bankruptcy plan

Posted October 09, 2015 7:00 am

The Associated Press

LAS VEGAS (AP) - The debt-heavy subsidiary of casino giant Caesars Entertainment Corp. is again asking a federal court to give it more time to file its bankruptcy plan to get out from under $10 billion of its $18.4 billion in debt.

Lawyers for Caesars Entertainment Operating Co. filed a motion this week in a Chicago bankruptcy court to move the deadline from Nov. 15 to March 15. The company wants until May to get creditors on board. The company has 80 percent of its first-priority debt holders on board but still needs its junior creditors to agree.

The company won an extension last May.

The company's lawyers say the extension is needed because the case is "incredibly large, complex and contentious."

A hearing is scheduled for Oct. 21 to consider the extension.

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