Punch Taverns calls for time
PUNCH Taverns yesterday confirmed its £2.2bn debt restructuring will launch in the next 10 days, a slight delay to its original Monday deadline as the pub operator looks to conclude certain discussions with stakeholders.
Punch, which has over 4,000 pubs, was hit hard by country’s economic downturn in 2008 and unveiled new proposals in June. Punch’s debt structure is complex and split into two securitised vehicles. Punch A holds £1.45bn of gross debt, while Punch B holds £884m. Punch Tavern shares rose 0.65 per cent to 9.21p on the news.