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Gala agrees debt restructure deal

THE private equity owners of Britain&rsquo;s biggest bingo company, Gala Coral, have agreed on a debt restructuring deal with the company&rsquo;s mezzanine lenders.<br /><br />Junior-ranked lenders, led by Intermediate Capital Group and Park Square, and Gala&rsquo;s private equity owners, Candover, Cinven and Permira, have cut a deal that will see the two sides share control of the company.<br /><br />The deal will see mezzanine lenders and private equity owners take equal representation on the board of directors.<br /><br />The proposal will be put to Gala Coral&rsquo;s current board of directors tomorrow before being presented to senior lenders.<br /><br />Gala Coral is close to breaching the terms of its &pound;2.7bn of debt.<br />