- Caesars Entertainment (NASDAQ:CZR) struck a deal with a key group which includes first-lien bondholders and lenders that sets it on a path to restructure the bankrupt operating division.
- The end game for Caesars is to remove close to $10B and reorganize with one company owning key buildings properties in a REIT and the other an operating company leasing back the casinos.
- Many of Caesars' key properties showed solid results in Q2, despite the tangled legal web between companies and divisions.
- Caesars popped 16.7% to $8.02 on Friday due to early buzz over a deal. Shares could get another lift next week as the official announcement came after the market closed on Friday.