Shares in Caesars Entertainment Corp (CZR.O) shed 16 percent on Monday after a U.S. judge cleared the way for $11.4 billion in lawsuits against the casino group, which Caesars had warned could plunge it into bankruptcy alongside its operating unit.
On Friday, U.S. Bankruptcy Judge Benjamin Goldgar in Chicago declined to renew a stay on litigation by bondholders who allege Caesars reneged on guarantees of bonds issued by unit Caesars Entertainment Operating Co. The operating unit filed for bankruptcy in January 2015 with $18 billion in debt.
Shares of the Nevada-based gaming company were trading at $6.28 by 9:58 a.m. ET (1358 GMT), recovering from a year low of $5.39 hit in initial trading.
Originally Posted by Shizzmoney
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