Dec 11 (Reuters) - Caesars Entertainment Corp has reached a tentative deal with senior bondholders over a debt restructuring plan for its largest unit, Caesars Entertainment Operating Co, the Wall Street Journal reported, citing people familiar with the matter.
The company is trying to convince enough creditors to back the restructuring plan before a mid-January debt payment, the Journal reported. (http://on.wsj.com/12TiY0p)
The agreement moves the world's largest gaming company closer to winning enough creditor support to split the unit into a REIT and an operating company.
The unit has about $18.4 billion in debt, mostly held by hedge funds that buy up debt of troubled companies, according to the Journal.
Caesars had earlier warned that it may file for bankruptcy if it cannot file a plan to satisfy its creditors.
Officials at Caesars Entertainment were not immediately available for comment.
(Reporting by Rohit T. K. in Bengaluru; Editing by Ken Wills)