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Gala Coral, operator of the popular online bingo room, Gala Bingo, has said that it doubts that it would manage to decide on a suitable debt restructuring before the end of the year.
Gala Coral has a debt load of over £2.5 billion and is mulling the best rescue package that has been put forward by several groups of lenders and private equity firms.
While analysts believed that Gala would make its decision by the end of 2009, it is clear that this will not be the case.
The Executive Chairman of Gala Coral, Neil Goulden said: “Given the Group's strong competitive position and very solid cash flows, we continue to believe that a consensual restructuring is a viable and realistic prospect and I will continue to lead and facilitate this process with the engagement of all stakeholder groups.
“The Board has received a number of offers and is currently discussing these with the Senior Lenders Coordinating Committee...we would expect to make significant progress in the coming weeks and be able to update on progress early in the New Year,” added the Chairman.
But while the parent company is hammering out the final details of a debt restructure, it is business as usual at Gala Bingo, where Christmas cheer is in full swing.
A winner is declared at this site every 10 seconds, and with the amazing schedule of games and tournaments happening, it is easy to see why.
Players should check out the online bingo site that is literally teeming with promotions and bonuses, such as the Festive Fun cash link game that is running throughout the week. This event boasts a £1,300 every week, with tickets costing just 10p!
Prizes in the Festive Fun are as follows: 1 line - £100, 2 lines - £200, Full House - £500. In addition, if you play in the same ‘club’ as the Full House member, you stand to win an equal share of the remaining jackpot of £500 with other club members.
In true Christmas spirit, Gala Bingo is giving away big cash prizes this December in its free bingo games that run on a daily basis. In fact, Gala Bingo is feeling so generous, that it has promised to give away £10K in free cash each week through its free games!
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