US casino operator Caesars Entertainment has agreed a new $5bn restructuring deal with its major creditors which could bring an end to its bankruptcy proceedings next year.

The company’s main operating unit, Caesars Entertainment Operating Corporation (CEOC), filed for bankruptcy in January 2015 and has since been embroiled in a number of legal claims with junior creditors including hedge fund Appaloosa Management.

The company confirmed Tuesday that it had received support from representatives of CEOC's major creditor groups, which could “facilitate a successful conclusion to CEOC's bankruptcy proceedings in 2017 and enable Caesars Entertainment and CEOC to move forward with a substantially improved capital structure.”

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