Twin River's disclosure statement granted bankruptcy court approval

By Lisa Kerner

Charlotte, N.C., Jan. 26 - UTGR, Inc., conducting business as Twin River, had its disclosure statement approved on Tuesday by the U.S. Bankruptcy Court for the District of Rhode Island, said an attorney close to the case who called the approval "a big step forward in the process."

As previously reported, according to the disclosure statement more than 50% of the company's first-lien lenders, a substantial number of its second-lien lenders and the state of Rhode Island agreed on the terms of a preliminary restructuring transaction to eliminate about $290 million in debt.

Twin River, a Lincoln, R.I., casino, filed for bankruptcy on June 23, 2009. Its Chapter 11 case number is 09-12418.

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