Punch Taverns withdraws resolutions on debt deal to enable more talks with stakeholders

12 February 2014

Following feedback from a range of stakeholders, Punch has announced this morning that the board has decided to withdraw the resolutions which were to be put to the Noteholder meetings convened for 14 February, in order to “facilitate a period of further engagement with stakeholders” over proposals for the restructuring of the £2.3 billion debt.

Punch stated that: “As previously announced, both securitisations will default without a consensual restructuring. The Board remains of the view that a consensual restructuring is in the best interests of all stakeholders and can be agreed ahead of the next covenant reporting date of 15 April 2014.

Last month senior bondholders, together with a group of junior bondholders led by Angelo Gordon Europe, Oaktree Capital Management and Warwick Capital Partners, stated they would use their blocking holdings to oppose the restructuring plan and called on the company to re-open talks.