UK-based bookmaker, casino and bingo operator Gala Coral has reportedly agreed a restructuring deal with lenders that will help to reduce its debts.
According to the Financial Times, a group of five lenders holding 20 per cent of the company’s debts have agreed to the £2.6bn proposals, which will be presented to the rest of the company’s key creditors this week.
If approved, the process is expected to see a further £200m in funds provided by lenders in exchange for a 70 per cent stake in the company and a write off of £500m of debt for the remaining 30 per cent share. US-based Apollo Management is likely to be the single largest shareholder as a result of the agreement.
