Gala board backs £2.5bn debt restructuring
23 Dec 2009
LONDON, England -- In a new development Gala Coral's board is backing a debt restructuring plan, The Financial Times is reporting.
Several third party proposals to inject money in exchange for control are unlikely to be procured in the wake of this development, The Financial Times report said
The board, a majority of "mezzanine creditors" and shareholders support a plan where debt is written off and control is split with current shareholders, the report noted.