By JIM BARON

PROVIDENCE — The owners of Twin River are continuing to tread water with their creditors and could keep doing so through most of the summer.

Since missing a loan payment in early March, UTGR Inc. has had a “forbearance agreement” with unnamed lenders allowing it to extend its debt. On Tuesday the company announced another forbearance and “standstill” agreement with those lenders through June 30, which provides for two 30-day extensions based on performance and financial milestones that could take it through Aug. 29, giving the gambling venue more time to get its financial house in order.
Asked who the lenders are, spokesperson Patti Doyle said, “That is not disclosed. This is a private financing agreement. No specifics are being released.”
In the end, she said, “What can be made public will be made public.”
During the forbearance agreement, Doyle said, “We will continue to work with lenders on a permanent financing structure and it will allow us to establish payment schedules with other creditors such as Dimeo.”
Dimeo Construction, which was the main contractor for the $225 million renovation of Twin River, and two subcontractors, have filed liens with the town of Lincoln to secure money they say they have not been paid for the work.
Doyle called the announcement of the extended forbearance agreement “a good, positive step” for the gambling facility, which features video slot machines along with live greyhound racing and simulcast wagering.
“We remain quite confident about our future in Rhode Island,” she said, “and will continue to offer a first-class entertainment and gaming experience” for patrons.
The announcement of the initial missed loan payment and forbearance agreement led the New York rating agency Standard & Poor’s to drop UGTR’s credit rating to CCC-, essentially junk status.
It could not be determined late Tuesday afternoon whether the new announcement would cause any change in that rating. Standard & Poor’s credit analyst Ben Bubeck did not return calls seeking comment.
When the credit rating was first lowered, Bubeck issued a statement that said: "The downgrade reflects our ongoing concerns about a potential bankruptcy filing as the company reportedly continues to negotiate a forbearance agreement with its lenders. While we believe that incentives exist for the company and its lenders to reach an extended agreement, the new ratings better reflect the near-term risk factors for a potential bankruptcy filing if the parties are not able to come to an agreement."
Asked if the new developments had any affect on the rating, Doyle said, “Not to my knowledge. But we weren’t expecting any movement.”