The private equity owners of JVH Gaming, the leading slot machine distributor and gaming arcade operator in the Netherlands, have bailed out the struggling company by paying off its €295m ($433m) debts at a discount.

Waterland Private Equity, the Dutch private equity group, said on Wednesday it had reached agreement with JVH’s senior creditors – led by Bank of Ireland and CIBC World Markets – to inject more equity in the company and clear its debts.