Gala Steeply Devalued

10 March 2008

The Guardian reports that the value of Gala Coral has been cut in half.

The information comes by way of an investor in Permira, one of the private equity firms with ownership in the company. Gala itself has confirmed it is talking with its lending banks about amending some of its borrowing agreements.

Senior debt is being priced down on the secondary debt markets to below 85p on the pound.