News Column

Punch calls time on bondholder vote

February 13, 2014

Gareth Mackie

Pubs operator Punch Taverns has torn up plans for a restructuring of its GBP2.3 billion debt pile after bondholders attacked the blueprint as "unsignable".The overhaul was due to be put to a vote tomorrow after 14 months of talks, but the proposals have been withdrawn "to facilitate... further engagement".Executive chairman Stephen Billingham, left, reiterated his warning that the firm, which has 400 Scottish pubs, risks defaulting on its bonds unless it can agree a shake-up of its complex debt mountain, but said he was hopeful that a "consensual restructuring" could be agreed within the next two months.One bondholder said last week that the deal proposed by the UK's second-biggest pub landlord was "unacceptable to multiple groups of lenders".


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Source: Scotsman, The (Scotland)


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