NEW YORK (TheStreet) -- Shares of Caesars Entertainment (CZR) - Get Report were dropping 16.07% to $6.32 on heavy trading volume Monday after the company appealed an Illinois court decision to deny the casino and hospitality company's motion to extend an injunction banning bondholder lawsuits, according to an SEC filing.

Caesars, based in Las Vegas, is the parent company of bankrupt operating unit Caesars Entertainment Operating and other subsidiaries.

Bondholders have brought roughly $11.4 billion in claims against the company, Bloomberg reports. Facing the lawsuits could force the company into bankruptcy.

The judge said on Friday that extending a ban on the lawsuits would not help Caesars settle with bondholders.

Last week, Caesars asked majority shareholders Apollo Global Management (APO) and TPG Capital for $990 million to ease debts, but the private equity firms refused.

Caesars filed a notice of appeal of the court's denial of the initial motion, according to the filing.

More than 3.37 million shares of Caesars stock have traded so far today vs. the 30-day daily average of roughly 833,000 shares.

Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

TheStreet Ratings rated this stock as a "sell" with a ratings score of D.

The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share.

You can view the full analysis from the report here: CZR

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