Projo 7 to 7 News Blog

PROVIDENCE, R.I. -- A federal bankruptcy proceeding on the future of Twin River has concluded for the day; the case will return to court July 14.

Lawyers for the slot-and-track parlor and a lending group led by Merrill Lynch Capital headed into U.S. Bankruptcy Court at 9:30 a.m. to present the Chapter 11 bankruptcy petition.

They were in court until just before 2 p.m. outlining the case for U.S. Bankruptcy Judge Arthur N. Votolato. The judge gave preliminary approval to a set of requests allowing Twin River to continue operating while the bankruptcy case plays out.

Ultimately, BLB Investors, the company that owns Twin River, could turn over the slot parlor to their lenders under the terms of a "consensual'' agreement filed with the court early Tuesday morning.

When lawyers return in July, they will update Votolato about ongoing negotiations in the case. Between now and then, the Assistant U.S. Trustee, Gary L. Donahue, will appoint a committee of creditors to review Twin River's loan documents and financial claims made by various parties.

 Tags  bankruptcy Lincoln RI Twin River

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