| Gala Bingo to restructure its debt |
| Written by Jayne Wilson |
| Monday, 05 October 2009 11:50 |
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Gala Bingo is advanced talks with a restructuring deal that will write off £540 million of debt in exchange for equity in the Gala Coral Group, the UK’s largest bingo and bookmaker chain. The Press Association said several sources have confirmed that private equity owners Candover, Cinven and Permira are expected to surrender up to half of their stake. Intermediate Capital and Park Square are the investment company expected to do the deal and it is expected to be finalised by the end of the month. According to the Sunday Times, this deal would allow Gala Coral, which has been severely hit by the financial crisis, to free up cash in order to invest in its business.
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