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Gala Bingo close to completing a financial restructure |
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Written by Jayne Wilson
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Thursday, 22 October 2009 12:12 |
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Gala Bingo are close to closing a restructuring deal that could see them freeing up the cash that it needs for future investment. The move will also prevent Gala from breaking banking covenants that are currently sailing close to the wind.
According to the Financial Times, Gala bingo were in talks last weekend and are hopeful in coming to an agreement that will see a debt for equity swap but the downside is that Gala wanted to remain in full control over the board. The proposals will now mean a restructure to the current board as the investors are asking for a controlling stake. The investors are asking for two members to be appointed onto the board and having a non-executive position to police decisions that are controversial amongst its members.
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