Projo Biz Blog

Three businesses were chosen Tuesday morning to represent businesses owed money by the Twin River slot parlor in the Lincoln gambling hall's high-profile bankruptcy case.

Overwhelmed by more than a half-billion dollars in debt, Twin River's owners agreed to turn over the keys of the 62-year-old track and slot parlor to their lenders, led by Merrill Lynch Capital, and let them bring in a new operator within 120 days under an agreement filed in U.S. Bankruptcy Court on June 23.

U.S. Trustee Gary L. Donahue has chosen Central Nurseries, of Johnston; Rhode Island Greyhound Owners, of Cranston; and Automotive Service and Technology, of Lincoln, as members of the committee representing unsecured creditors in the bankruptcy case.

Representatives of those businesses met privately Tuesday with professionals seeking to become consultants to the committee during the bankruptcy. The committee chose Jager Smith P.C., of Boston and New York City, as its legal counsel. It has not yet chosen a financial adviser.

The creditors' committee, and others with a stake in the case, will next meet formally July 31, in a meeting room at the U.S. District Court, in Providence, where Donahue will preside over a review of the financial filings made by Twin River operator UTGR Inc.

UTGR Inc. is a subsidiary of BLB Investors -- a holding company made up of Kerzner International Limited, the Waterford Group LLC and Starwood Capital Group -- which in turn invests money for pension funds across the country.

 Tags  bankruptcy Twin River

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