Gala Bingo’s parent company on the verge of restructuring

Together with Gala Bingo’s recent promotions launch which targeting new customers aggressively like the new £20 free bingo bonus, news regarding their huge financial debt and closing of bingo halls keep popping up as well as recent rumors regarding search for new investors. Now it is said that Gala Coral is in final negotiations with the debt holder for a restructuring of the company by swapping some of the debt in return to equity, thus freeing up funds that cannot be used under current loan agreements.
The said equity swap should lead to the writing off of £540 million out of the current £2.6 billion, which has risen dramatically in the past few years, mainly due to the economic climate and the latest bingo tax. It is said that the company and lenders representatives will meet again this week for negotiations, and a final agreement may be very close. The move should allow Gala Bingo to use the freed up cash to invest in the company and further market their online activity even more aggressively, perhaps with even more free bingo games or other attractive promotions - perhaps a re-introduction of their recently canceled no deposit bingo bonus?
These are good news indeed and we look forward to see what Gala Bingo is planning for us next. Visit Gala Bingo

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