Reuters have reported that the UK's largest bingo operator Gala Coral have sold some of their junior debt.  Gala Coral has been bogged down with billions of pounds in debt as it struggles to raise increased capital for further investment.  Banking sources close to Reuters have said Hedge funds have bought enough to get a seat on the board.
It is said that 3 well known investment companies Apollo Management, Cerberus Capital Management and Goldman Sachs bought in at a stake of 130 million pounds saying it had got 69 percent of the face value.  Other investors have bought in with Hedge funds including York Capital Management, SVP and Varde.  It is said the investment gives them more rights in what happens during the restructures.

Gala Coral are staying tight lipped about the deal and have declined to issue any sort of press release over this recent article by Reuters.  Gala Coral have also delayed the release of recent trading reports and industry professionals are aware that land based bingo trade would have been challenging with the tax hike and low consumer spending.

Last month, Bingo Supermarket also reported that Gala had been forced to switch off gaming machines after the order came from the Gambling Commission with the situation on multiple bingo licences.  Gala will not only lose a lot of revenue, but the costs on bringing in new machine strategies will also prove costly.