CHICAGO (Reuters) - Bank lenders of Caesars Entertainment Corp's (O:CZR) bankrupt operating unit need more time to resolve a dispute over the terms of their recovery, a lawyer said in court on Wednesday.
On Dec. 6, the committee of bank lenders, which includes Blackstone Group LP's (N:BX) GSO Capital Partners, threatened to walk away from the reorganization plan, absent documentation ensuring part of their recovery.
A lawyer for the bank lenders said the committee would tell the court on Monday whether it had reached a deal or would move to withdraw their support for the Caesars unit's so-called restructuring support agreement.
The lenders had set a Wednesday deadline for informing the court of a potential deal.
Without the support of bank lenders, a hard-fought deal to push Caesars Entertainment Operating Co Inc out of a two-year, $18 billion bankruptcy would fall apart.