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Caesars Says It’s Skipping Interest Due on 2nd-Lien Bonds Today

Caesars Entertainment Corp. is skipping a $225 million interest payment to junior creditors as it discusses restructuring debt at its biggest unit with more senior lenders, according to a regulatory filing today.

The most indebted U.S. casino operator “elected not to pay” interest to holders of three sets of second-lien bonds while it maintains “ongoing discussions” with senior creditors, according to the filing. The company enters a 30-day grace period on interest payments owed to holders of almost $4.53 billion of notes.