| Gala numbers not so good |
| Tuesday, 17 November 2009 15:18 |
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Gala Coral, the owner of Gala Bingo and numerous betting and gambling establishments is reported to have to come up with a staggering £500m in interest payments in relation to its £2.5bn in debts. The numbers are part of a three year restructuring plan aimed at preventing the loss making bingo section from being split from the group. Owners of Gala Coral, Clinven, Permira and Candover said full year profits fell from £362m to £336m on sales of £1.28bn. They are currently in talks with the lenders to a agree the restructuring plan to convert £540m of debt into equity and committing to pay off £500m of debts. |
