Gala deal close

Mezzanine noteholders of UK bingo company Gala Coral are close to reaching a deal with the company’s owners, Candover Investments, Cinven and Permira.

A group led by Intermediate Capital and Park Square are pursuing an arrangement whereby both would take control of the company.

Gala Coral, acquired in August 2005 in a deal which valued it at £1.85bn, is close to breaching its debt covenants.