The private equity owners of JVH Gaming, the leading slot machine distributor and gaming arcade operator in the Netherlands, have bailed out the struggling company by paying off its €295m ($433m) debts at a discount. Waterland Private Equity, the Dutch private equity group, said Wednesday it had reached agreement with JVH’s senior creditors – led by Bank of Ireland and CIBC World Markets – to inject more equity in the company and clear its debts. JVH, which runs 45 Jack’s Casino arcades in the Netherlands, was plunged into crisis after a July 1 change in tax laws for gaming companies pushed up the effective tax rate on gross revenues from 11% to 29%.

This entry was posted by Gwen Robinson on Thursday, August 21st, 2008 at 5:16 and is filed under Capital markets, Private equity. Tagged with JVH Gaming, Waterland. Edit this entry.