Punch Taverns waiver agreed

Owners of Punch Taverns’ bonds yesterday agreed to waive a looming covenant deadline, allowing restructuring talks to continue without the imminent threat of default on the debts. The waiver depends on Punch starting its overhaul by 30 June. The pub firm is grappling with debts of £2.3bn, and had an earlier proposal for restructuring turned down by bondholders in February. Shares in the firm ticked up 1.8 per cent yesterday.

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