Twin River defaulted on agreement

PROVIDENCE, R.I. (AP) - Twin River's chief lender has disclosed that the state's largest slot parlor defaulted weeks ago on a loan-forbearance agreement.

Bill Halldin, a spokesman for the Merrill Lynch Capital Corporation told The Providence Journal Friday that Saturday would have been the expiration date "had certain milestones been reached, but the agreement actually expired on January 5." Halldin would not elaborate on why the agreement lapsed.

Twin River in a statement acknowledge that the period of forbearance has come to an end. But Twin River said it remained hopeful that it could "continue the necessary dialogue with the stakeholders in order to achieve resolution."

Twin River is expected to generate $246.8 million in slot-revenue for the state this year alone.