July 20 (Reuters) - Caesars Entertainment Corp reached an agreement with its lenders late on Monday night, hours after a New York state court judge threw out a lawsuit by the casino company against a group of creditors known as the second-lien noteholders.
Caesars Entertainment will contribute an additional $200 million of Caesars Entertainment convertible notes to the second lien noteholders, and about 5 percent equity in company property to the investors, Caesars Entertainment said in a statement.
The proposed agreement will reduce Caesars Entertainment Operating Co’s debt by about $10 billion, paving the way for new debt worth $8.6 billion, the company said.
Caesars has been battling with its creditors over the bankruptcy of its operating unit and a plan to restructure $18 billion of its debt. (Reporting by Ankush Sharma in Bengaluru; Editing by Ken Wills)