Caesars Acquires Affiliate As Restructuring Looms

Caesars Entertainment on Monday agreed to acquire its affiliate, Caesars Acquisition Co., in a deal designed to help the Las Vegas-based casino giant restructure $18.4bn of debt.

The merger would give the newly-combined company $1.7bn in cash to pay for a proposed restructuring of Caesars Operating Co., Caesars' largest and most indebted division.

The restructuring plan, announced last Friday, would see Caesars Operating Co. put into Chapter 11 bankruptcy by mid-January 2015, then split into an operating entity and a publicly-traded real estate investment trust.

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