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R.I. slot parlor files for Chapter 11

PROVIDENCE, Rhode Island -- As reported by The Providence Journal: "Overwhelmed by more than a half-billion dollars in debt, Twin River's owners are on the verge of turning the keys to the Lincoln track-and-slot parlor over to their lenders under the terms of a 'consensual' agreement filed in U.S. Bankruptcy Court early Tuesday morning.

"The filing reflects a consensual structured bankruptcy agreement hammered out in round-the-clock negotiations in recent days between the state, the lenders group led by Merrill Lynch Capital and the consortium that owns the sprawling Lincoln gambling hall that is home to 4,751 video-slots and a greyhound racetrack.

"...Governor Carcieri will hold a press conference at 1 p.m. at the Rhode Island State House to comment on the filing, his office announced Tuesday morning.

"It appears the deal will also spell the end of live racing in Rhode Island 62 years after Twin River opened in 1947 as a thoroughbred track known as Lincoln Downs..."

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