New Loan Facility For PartyGaming
Published: Wednesday, October 04, 2006 Online-Casinos.com
NEW LOAN FACILITY FOR PARTYGAMING
Once Dubya signs the Bill the world's biggest online poker site has 30 days to renegotiate its loan facility
PartyGaming must negotiate a new loan facility with its banks within 30 days of U.S. President George W. Bush signing into law a bill to crackdown on Internet gambling, the British newspaper The Financial Times reported this week.
A clause in the online gaming company's $500 million (GBP 265 million) loan agreement allowing its lenders to call in the loan in the event of an alteration in U.S. law that affects PartyGaming's position in the country prompted the condition.
PartyGaming is apparently relaxed about the negotiations, and said it would be reviewing its banking requirements. The firm said earlier this week that it was cancelling its interim dividend following a decision to suspend all gaming business with U.S. players in the face of the new legislation.
