Twin River Amends Ch. 11 Plan To Satisfy Creditors

Law360, New York (January 27, 2010, 2:10 PM EST) -- Bowing to objections from unsecured creditors and other stakeholders, bankrupt Rhode Island casino Twin River has amended a reorganization proposal by granting unsecured claims a recovery of 65 percent rather than 5 percent.

The casino company, UTGR Inc., filed an amended Chapter 11 reorganization plan and disclosure statement Tuesday in the U.S. Bankruptcy Court for the District of Rhode Island after reaching settlements with the official committee of unsecured creditors and other dissenting groups.

The casino firm reached a so-called global resolution Monday with the creditors...
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