There are few winners when a business files for bankruptcy protection, as we were reminded of when the owners of debt-ridden Twin River reached agreement with the state and lenders on a restructuring plan. The agreement filed in U.S. Bankruptcy Court last week clears the way for new ownership of the 62-year-old track and slot parlor, which is expected to stay open.

The state did what it had to by protecting its sizeable financial interest in the Lincoln facility; this year estimated at more than $240 million. But the agreement also calls for overnight gambling seven days a week and other concessions.

Current owner UTGR Inc. gets out from under $589 million in debt but loses its own stake in what is still a profitable enterprise. Their demise is a cautionary tale of overreaching with renovations that could not be supported once the economy turned sour.

The deal still has one potential sticking point: Lawmakers must end Twin River’s obligation to run at least 125 days of greyhound races. Such a move could eliminate live racing and yet more jobs.

As unpalatable as that prospect is, when a business the state has a stake in reaches bankruptcy, all bets – and promises – are off.

New owners will deserve the chance to operate without the albatross of greyhound racing around their necks. •