A proposed restructuring plan has been delayed for some time for Caesars Entertainment due to a holdout bondholder that was blocking the process. The casino operator has now been able to reach a deal with the creditor and move on with the restructuring of the company.

Caesars Entertainment has announced that Trilogy Capital Management, a hedge fund group, had finally agreed to support the restructuring plan which involved the bankrupt Caesars Entertainment Operating Co. Neither Trilogy nor Caesars revealed what finally caused the hedge fund group to agree to the plan instead of continuing to hold out.

Trilogy was holding $9.4 million of the Caesars Entertainment Operating Co debt, out of $18.4 billion, and had surprisingly taken a last minute attack on the deal that Caesars had been able to reach with other junior creditors. The deal had taken almost two years of negotiations to complete. The company was then forced to extend the deadline they had set for last week to be able to continue to try and get Trilogy on board with the plan.

Now that Trilogy is in agreement, there is just one remaining obstacle in the way of the restructuring of Caesars Entertainment Operating Co, the company will be split in two, creating a casino management firm and a real estate investment trust. The National Retirement Fund is still fighting the company over the employee pensions of Caesars Entertainment Operating Co but bankruptcy lawyers for Caesars have stated they are close to reaching a resolution.

Caesars Entertainment seems to now be set to move forward and now the restructuring process must be approved on a federal level. It is believed that gaining approval may not be as easy as Caesars would like it to be and the company has decided to increase their repayment offer to a more adequate amount and junior creditors have now been required to let go of lawsuits against the Caesars parent company as well as absolve the parent company from any responsibility for the debts of Caesars Entertainment Operating Co.