Next Week in Bankruptcy

Caesars Entertainment Operating Co., the bankrupt unit of gambling giant Caesars Entertainment Co., will request more time to exclusively control the outcome of its restructuring next week.

On Wednesday, the company will request that the U.S. Bankruptcy Court in Chicago extend the time in which it alone may file a restructuring plan, to March 15, 2016, from Nov. 15. The company says the extension, which would shield it from the threat of rival proposals, will help efforts to bring its junior creditors on board with the proposal.

The request was filed in conjunction with a revised bankruptcy-exit plan from the company, filed on Oct. 8. The new plan would slash some $10 billion in debt from its books, boosting recoveries for the creditors that have thrown their support behind its restructuring efforts as well as for those who have yet to come on board.

The new plan carries the support of senior creditors holding about $12 billion of a debt load that totals more than $18 billion and “is the product of hard-fought negotiations,” CEOC previously said in court papers.

On Thursday, athletic retailer City Sports Inc. will ask for bankruptcy-court approval of its plan to sell a group of its stores to liquidators, as it searches for another bidder to continue operating the bulk of its outlets.

At the hearing Thursday, lawyers for the company are also expected to announce whether the effort to find a buyer for the 18 stores it hopes will remain operational was successful—or if those also will be shuttered.

City Sports entered bankruptcy with a plan to immediately liquidate eight of its locations. The hearing Thursday will determine whether Tiger Capital Group can begin going-out-of-business sales at those eight stores the next day, Friday.

Founded in 1983, City Sports sells athletic apparel and equipment at stores scattered throughout the Northeast.

Invention Startup Quirky Inc. will on Friday ask a bankruptcy court to approve its plan to dole out more than $2.6 million in bonuses to employees, including four executives.

The company has asked to keep most of the details of the bonus plan a secret, but a bankruptcy watchdog is objecting to that request.

Details that were made public show that the plan would pay $1.6 million to four executives, based on an incentive structure linked to the outcome of the sale of Quirky’s assets.

A second plan is aimed at retaining 42 employees with $1 million in payments, between 20% and 25.5% of those employees’ salaries, as Quirky works to successfully sell its business.

Quirky, founded in 2009, filed for bankruptcy last month to execute a sale of its Wink business, a smart home electronics developer, amid a cash crunch. The company has received a $15 million offer for Wink.

-Jacqueline Palank contributed to this article.

Write to Stephanie Gleason at [email protected]. Follow her on Twitter at @stephgleason