The company is "committed to working constructively with creditors to deleverage" its most indebted unit "and create a path toward a sustainable capital structure," said CEO Gary Loveman in a statement.
Bondholders that have signed non-disclosure agreements, which give them access to private information to facilitate discussions, include holders of the $2.1 billion of 11.25% first-lien notes due 2017, $1.25 billion of 8.5% first-lien securities due 2020 and $1.5 billion of 9% first-lien bonds due 2020, according to the statement.
Shares of Caesars Entertainment are down 1.58% to $12.45.
TheStreet Ratings team rates CAESARS ENTERTAINMENT CORP as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate CAESARS ENTERTAINMENT CORP (CZR) a SELL. This is driven by some concerns, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, weak operating cash flow, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share."
Highlights from the analysis by TheStreet Ratings Team goes as follows: