With just weeks before Harrahs Atlantic City is set to debut it’s new conference center, talks have stalled between the bankrupt parent of Harrahs; Caesars Entertainment, and its bank lenders.
The casino giant wants creditors to bless a reorganization plan before November.
Lenders want Caesars Entertainment to fork over $125 million in cash. $62.5 million is what the casino company has offered so far.
Editors note: Some not happy with alleged ‘asset shifting’….. ex: trying to keep financially healthy; Harrah’s Atlantic City, out of creditors hands.
The debt-heavy Caesars Entertainment Operating Co. division filed for bankruptcy in January to rid itself of most of the $18.4 billion in debt it had amassed. The company has until Nov. 15 to file a reorganization plan with the court.
[READ FULL STORY: Talks stall between Caesars, lenders on bankruptcy plan]