Shareholders in UK gambling group Gala Coral have agreed to cede overall control of the group under a debt restructuring proposal to be considered by the board on Friday. The breakthrough over restructuring Gala’s £2.5bn debt came last weekend after Candover, Cinven and Permira, Gala’s private equity owners, agreed with two key holders of Gala’s mezzanine debt, ICG and Park Square, that such debt holders will have equal representation on the board.

This entry was posted by Gwen Robinson on Thursday, October 22nd, 2009 at 4:41 and is filed under Capital markets. Tagged with candover, cinven, Gala Coral, ICG, Park Square, permira. Edit this entry.