|
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.
Bingo Ace Related Articles:
* 888 Launches New Bingo Site - 10-06-10 * Parlay Loses Another Bingo Customer - 09-22-09 * Cars Up for Grabs at Sun Bingo - 09-15-09 * Parlay Entertainment Loses Another Account - 09-08-09
|