Twin River Owners Offer Up Casino To Lenders

Law360, New York (June 23, 2009, 12:00 AM EDT) -- Burdened by debt obligations and an unprofitable greyhound racetrack, the owners of Rhode Island’s Twin River casino have filed for Chapter 11 protection with a plan to hand over the casino to their secured lenders in exchange for extinguishing $290 million in liabilities.

On Tuesday, UTGR Inc., doing business as Twin River, and its parent companies BLB Management Services Inc. and BLB Worldwide Holdings Inc., filed Chapter 11 petitions in the U.S. Bankruptcy Court for the District of Rhode Island, estimating $100 million to $500 million...
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