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Gala agrees debt restructure deal
THE private equity owners of Britain’s biggest bingo company, Gala Coral, have agreed on a debt restructuring deal with the company’s mezzanine lenders.
Junior-ranked lenders, led by Intermediate Capital Group and Park Square, and Gala’s private equity owners, Candover, Cinven and Permira, have cut a deal that will see the two sides share control of the company.
The deal will see mezzanine lenders and private equity owners take equal representation on the board of directors.
The proposal will be put to Gala Coral’s current board of directors tomorrow before being presented to senior lenders.
Gala Coral is close to breaching the terms of its £2.7bn of debt.