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GalaCoral Changes Owners
6/24/10 - The UK land and internet gambling group Gala Coral’s debt burden of some GBP2.6 billion will be eased under a new ownership arrangement comprising the group’s mezzanine debt holders, private equity houses Apollo, Cerberus, Park Square and York Capital Management.
The debt holders have converted their GBP558 million holding in the group into equity and injected a further GBP200 million in cash as part of a restructuring that will ease the group’s restrictive debt burden by some GBP 700 million.
The quid pro quo for this is ownership of the group, from which previous major shareholders Candover, Cinven and Permira, will now depart.
The infusion of GBP200 million will be used to expand the group’s online and offline businesses.
“I am delighted that, after nearly 12 months, we have successfully concluded one of the largest and most complex restructurings in UK corporate history, said the group’s executive chairman, Neil Goulden.
“The restructured group is now in a strong position and fully able to compete in an increasingly competitive and global gambling market.”
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Tim Chung Wins MPNPT Manchester -
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Kung Fu Rooster Slot Goes Live -
Celebrate Chinese New Year - 2017 Year of the Rooster. It's time to sweep away any ill-fortune and make way for incoming good luck, with this exciting 12 lines slot game.
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Light up Icons like BAR's, black spades, red hearts, blue diamonds, and green clubs. The best part of Sensational Sixes are the three wild icons, for 2X, 4X, and 6X multipliers!
3 New Betsoft Slots -
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2017 Bodog Super Millions Poker Open -
The first events on the 105-tournament schedule have already been completed; there are three more tourneys on Thursday’s schedule, with a total of $34,000 in guaranteed prize money waiting to be won.
Pokerstars Pulls Out Of Coloumbia -
Pokerstars Has taken the decision to cease offering real money services to players located in, playing from or resident within Colombia, effective from the 17th of July 2017.
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