Struggling casino operator Caesars Entertainment Corporation (CEC) will likely learn on Wednesday whether its parent company will be dragged into the bankruptcy proceedings afflicting its main unit.

CEC put its main unit Caesars Entertainment Operating Co (CEOC) into Chapter 11 in January, citing $18.4b in long-term debt. CEC has proposed a restructuring plan that would see CEOC split into a casino operator and a real estate investment trust (REIT).

The majority of CEOC’s senior creditors have signed on with the REIT proposal but junior creditors – who hold over $5b worth of CEOC’s debt but were slated to receive pennies on the dollar after CEC reneged on debt obligations – were understandably less enthused.

Late on Monday, CEC signaled that it had convinced a number of hedge funds – which Bloomberg News said included Paulson & Co, Canyon Partners and Soros Fund Management – holding around 30% of CEOC’s second-lien debt to sign on to the restructuring plan.