Gala Coral wants to reduce debt

Major British gambling group wants to reduce debt to invest in more Internet and Italian action

The British online and land gambling group Gala Coral is reportedly trying to reduce its GBP 2.7 billion debt pile in order to boost internet operations, reports the Mail on Sunday. And the strategy for doing so is to persuade major existing investors to give up some of their shares in the company to debtholders.

The company is being advised by Lazards as it tries to negotiate a deal with its three major private equity backers, Candover, Permira and Cinven, and a syndicate of 50 financial institutions, which own GBP 550 million of the group's debt. The remaining debt is held by the Gala's banks and would be unaffected by any deal.

Such a debt-for-equity agreement would free up the group's GBP250 million in cash, primarily for expansion in its Italian and Internet enterprises. Using the cash has been hampered by the restrictive terms of the loan agreements.

The company is an important component in the UK gambling industry with almost 2 000 betting offices, 148 bingo clubs, 27 casinos and two greyhound stadia, as well as online and telephone operations. It employs around 19 500 people.

Live activity feed

  • Alenvers
    " MelissaN wrote: Hi claralie, The rep has been notified again and hope he'll get back to us soon with the clarification.  THANK You Melissa i see your post just  now ( 9 hours after) yes  sure there is a reaction  without an email or any explanation they cancelled my  pending winnings of  $200- this morning they was always in pending in my account. WOOOO real gentlemen - nothing at least as usual - they cant say the contrary of their last email i think.How explain that one day before as they rules said i am  not eligible for a bonus and one day after i am eligible ?and the problem is that i won the first day so how be clear when the second day i became eligible for  a  bigger bonus and that i have te permission to cashout ..but.nothing i lost.   there  will be any explanation I think:the only available that works in any same kind of   situation is that rules  can be changed as and when and how the casino wants - rules - no rules what importance  it was  a  freebie why will they pay ?i am stupid this is  the explanation. "
  • No avatar small
    Sign Up Bonus
    Lord lucky logo

    Lord Lucky Casino

    / 11 votes
  • Tumblr nsdzsdacgp1s7vusdo1 250
    Expires on 28th Oct 2016
    Vip stakes

    VIP Stakes

    / 279 votes
  • Tumblr nsdzsdacgp1s7vusdo1 250
    Expires on
    Yebo casino logo

    Yebo Casino

    / 269 votes
  • Index
    " mamt35 wrote: Nothing for usual lol im a depositing player & i got the 5 free spins"
  • Index
    "I got 2€ freebet, value freebet  probably  depend on country of residence."
Swipe left or right to see more

lcb activities in the last 24 hours

  • 46
    new members
  • 600
    members online
  • 15991
    guests online
  • 117
    new posts
  • 17044
    free games played
Join the club

Highest Community Rated Online Casinos

Swipe left or right to see more

Latest forum posts

Join today and start earning rewards

You will immediately get full access to our online casino forum/chat plus receive our newsletter with news & exclusive bonuses every month.
S logo

Report to moderator

Use this function to inform the moderators and administrator of an abusive or wrongly posted message.

Please note that your email address will be revealed to the moderators if you use this

Select Language
Search Results