Punch Taverns has withdrawn its proposed debt restructuring proposals that were to be put to its creditors on Friday (14 February) “following feedback from a range of stakeholders”.
The company said this morning: “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.”
The company said that “for procedural reasons”, it remains necessary for the meetings to be held on Friday.
“However, with the consent of the note trustee, each meeting shall, once opened, conclude without the relevant resolution being proposed or a vote being held.”
The first meeting will take place at 9am, with others following.
