The Twin River Casino emerged from Chapter 11 bankruptcy on Tuesday, a year and a half after it filed for protection.
The Twin River Casino emerged
During the bankruptcy, the company reduced its debt from nearly $600 million down to $300 million, and received a new board of directors.
The Rhode Island Division of Lotteries approved the bankruptcy this week, the state's Department of Business Regulation quickly following suit, allowing the company to emerge from bankruptcy, The Providence Business Journal says.
UTGR, the casino's parent company, had previously filed for bankruptcy in June 2009, as its investors struggled with debt tied to the gaming facility and other similar facilities in Colorado, the news source says.
"We know with certainty that there are storm clouds on the horizon," John Taylor, company chairman, told the Journal. "Massachusetts is poised to allow full gaming at some point in the near future, and given that nearly half of our customer base is from the Commonwealth, we must act quickly to address that very real threat."
Twin River employees more than 900 employees and generates approximately $250 million in tax revenue for the state each year.Â
These articles are all written by BankruptcyHome.com's great editors and contributors. If you would like to write articles for BankruptcyHome.com, please email editor[at]bankruptcyhome.com.
Related Articles
WaMu bankruptcy exit could be delayed -- Investors who bought $1 billion worth of Washington Mutual securities are pledging to fight the company's bankruptcy reorganization plan.
Bankruptcy looms over Buffalo school system -- Buffalo, New York, public school administrators have been considering bankruptcy, but recent reports say the troubled educational body is not ready to file just yet.
Central California City to emerge from bankruptcy -- City officials in Vallejo, California, are contemplating a way to exit the community's longstanding bankruptcy this month.
Is Bankruptcy Right For You?
If you are ready to find out if Bankruptcy can help improve your financial situation, the best place to start is our Free Case Evaluation form. Complete the form below and an attorney near you will call you to discuss your options. Bankruptcy law differs from state to state so it's important that you discuss your case with a local bankruptcy attorney. The form only takes a few minutes to complete, so get started now!
| < Prev | Next > |
|---|
Copyright © 2024 ToCasino.net Online Casino. All Rights Reserved. Designed by