Gala Bingo slash debts

Gala Coral, the operator of one of Britains biggest and most recognizable bingo halls, Gala Bingo has secured its financial future after lenders to the bingo operator agreed to a deal that will reduce Gala Coral's debt from £2.6billion to £1.85billion.The deal would see Gala Coral, which also owns a string of bingo halls, casinos and 1,650 high street bookmakers in the U.K, fall under the control of its mezzanine finance providers, Apollo Management, Cerberus Capital Management, Goldman Sachs and Park Square Capital. Apollo Management will become the principal shareholder with around a quarter of the shares.Last year, Gala Coral was forced to refinance after the smoking ban, the recession and big tax increases hit its bingo and casino businesses hard. Like many of its biggest rival companies, it has closed several venues and got rid of hundreds of workers.