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Gala Coral lenders close to deal

Gambling group Gala Coral yesterday tentatively struck a deal with its key lenders, enabling it to move forward with its debt restructuring. Under the terms being discussed, the lenders would underwrite a £175m injection that would help the company to repay its debts. The terms under which the new funds wil be provided are yet to be agreed. The talks over debt restructuring have been running for some time after an initial rescue plan was thwarted.