RI Casino Proposes Ch. 11 Exit Strategy

Law360, New York (December 16, 2009, 6:13 PM EST) -- The bankrupt Rhode Island casino Twin River, owned through a joint venture involving commercial real estate heavyweight Starwood Capital Group, has filed a proposal to exit Chapter 11 protection by signing over its new equity to lenders but allowing current management to retain control.

The casino company UTGR Inc., doing business as Twin River, filed a Chapter 11 reorganization plan and disclosure statement on Tuesday in the U.S. Bankruptcy Court for the District of Rhode Island, about six months after filing a petition for bankruptcy protection...
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