BREAKING: Caesar's unit says it filed Chapter 11 in bid to cut debt

A subsidiary of casino giant Caesars Entertainment Corp. said Thursday that it has filed for Chapter 11 bankruptcy protection in Chicago in an effort to shed more than half of its $18.4 billion debt burden. Caesar's has been negotiating with creditors and lenders for months on a reorganization plan that would turn the division into a real estate investment trust, promising creditors cash or new debt. The firm is still at odds with many of its creditors over the plan, the Wall Street Journal reports. FOR THE LATEST NEWS VISIT:   USATODAY.COM