Financial Times FT.com

Debt for equity latest restructuring fashion

By Anousha Sakoui

Published: October 22 2009 20:09 | Last updated: October 22 2009 20:18

Gala Coral’s board will on Friday consider a restructuring proposal that will see its three shareholders cede overall control of the gaming company to a group of debtholders, including debt funds that are not traditional shareholders.

The move is a blow for Candover, Cinven and Permira, the three private equity companies that own Gala Coral’s shares, but they can take comfort from the fact that they are not alone.

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