Last week Punch warned that rejection of its plan to reduce its debt to £1.8bn would: "have a material negative impact on the business". Yesterday the firm said it had decided to withdraw the resolutions ahead of a 14 February meeting "in order to facilitate a period of further engagement with stakeholders".
Sources close to the ABI Senior Bondholder Committee told City A.M. yesterday that Punch had: "wasted the last two months trying to get their shareholder friendly deal to stick, whilst talking-up the risk of default."
A rival bondholder restructuring plan is also being worked on by senior lenders.
Last night their plan was described as "well thought out, certainly doable" and "well advanced" by people with knowledge of the plans.
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