Gala Coral lenders seek cash injection
Gala Coral, home of bingo halls and a chain of bookmakers, is in the middle of a long-running debt restructuring that has seen lenders and private equity suitors vie for control of the gaming giant, owned by Candover, Cinven and Permira.
A group of key lenders, including Alcentra, Lloyds Banking Group and the Royal Bank of Scotland have discussed a deal with investors, who bought into the company's mezzanine debt, to underwrite us$ 275 million of funds, the paper said.
Under the terms of the deal, the creditors' us$ 848 million claims would convert into equity. In return Gala's lenders would expect to have some of their debt repaid and receive a higher rate of interest on their loans, the paper said.
Last month Apollo Management, Cerberus Capital Management and Goldman Sachs bought a stake of around 130 million pounds in Gala Coral's junior debt at a discount of around 69 % of face value. No one at Gala Coral could immediately be reached for comment.
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