The Deal’s Lisa Allen reports that more than 50% of first-lien bondholders at Caesars Entertainment Corp.’s operating unit have signed on to the unit’s restructuring plan. This moves the casino operator closer to the 60% threshold it would like to reach before Caesars Entertainment Operating Co. files for Chapter 11 protection. CEOC is hoping to file for bankruptcy in the January 15 to 20 time frame. Caesars said on Jan. 7 that it and certain first-lien bondholders had agreed to amend the term sheet attached to the company’s restructuring support agreement. The amendments give a larger piece of the pie to holders who sign on to the plan now; the cash portion of the recovery for all noteholders has been reduced to $207 million from $413 million.
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