Hope in Sight for Gala Coral 10-13-09

October 13 - While Gala Bingo is one of the most sought after and entertaining online bingo sites around, behind the scenes its parent company is struggling to get out of a growing debt that has now reached over billions pounds.

Gala Coral has recently been forced to close even more of its land based bingo rooms in the United Kingdom due to a number of elements.

The recession has kept more people at home as they cut down on their entertainment spending, while high taxation, smoking bans and a lack of cash flow have all contributed towards these closures.

As a result, job losses across the country have been reported.

Now, however, there seems to be hope in sight as Gala Coral private equity backers, Permira, Cinven and Candover, have given the green light on a debt restructuring deal that may reduce the group's debt considerably - as much as GBP 540 million.

Gala Coral announced that they will exchange 50 percent controlling interest in the company to get the multi million pound loan cancelled in the hope that they can acquire a little leeway in their struggle to get out of debt.

The group's debt currently stands at a staggering GBP 2 billion, and in that type of situation, no money is going back into the business. Instead, it is all been channelled to paying off the debt and the massive interest that comes with it.

In the meantime, it's business as usual at Gala Bingo, with jackpots galore available to all players throughout the month of October.

From just a penny each, players can purchase bingo tickets at this colourful bingo site and stand in line to win prizes valued at hundreds and even thousands of pounds.

The jackpot schedule runs every day of the week, with top action happening on Thursdays and Saturdays.

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