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’Gala Coral agrees debt plan
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,
Gala Coral gambles on debt deal
Gala Coral, Britain’s biggest bingo chain, is close to finalising a restructuring deal that will see lenders write off £540m of debt, reports the Guardian. The gambling group’s private equity owners Candover,
Gala Coral hits at credit insurer
Gala Coral, the private equity-owned UK gambling group, has accused Euler Hermes, one of the world’s largest credit insurers, of “appalling behaviour” in withdrawing cover against unpaid bills to Gala Coral’s suppliers.
UK’s Gala in Tote talks with racecourses
Gala Coral, the betting, bingo and casino group, has held exploratory talks with representatives of Britain’s leading racecourses over a potential £300m-plus joint-bid for the Tote, the state-owned bookmaker,
Cash injection for UK’s Gala Coral
The private equity backers of UK betting operator Gala Coral are ploughing £125m into the company in return for a relaxation of its covenants, because of investor concerns that the company was heading for default.
Harrah’s pursues Gala casino deal
Harrah’s Entertainment, the US casino behemoth that owns London Clubs International, is understood to have made a tentative approach to Gala Coral Group, the betting and gaming operator, about the possibility of merging LCI with Gala Casinos,
UK’s Tote to be touted on open market
The Tote, the UK’s state-owned betting agency, will be sold off on the open market after the government finally rejected a takeover bid for the business by a racing consortium, the FT has learned. The decision,