PUNCH Taverns reminded bondholders yesterday of its imminent restructuring vote that the company warned rejection of would "have a material negative impact on the business". ". The struggling pub operator announced plans to restructure its £2.3bn debt pile with lenders last month. "The next few days will be some of the most important in the Company's history," said Punch Taverns in a statement. "The Punch Board calls on all parties to vote in favour of the restructuring proposals. Failure to effect a restructuring will lead to a default in the securitisation, which is expected to have a material negative impact on the business." " " The Association of British Insurers , representing creditors with blocking stakes, hit out at the company's proposal last month, claiming that they had not seen the restructuring plans and only had a limited consultation with Punch."We have tried to listen to everyone and find a middle way," said Punch. Shares in the firm fell 3.5 per cent to 13.75p yesterday.
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