Punch Taverns has just one more hurdle to jump before its restructure is confirmed, after the plan was approved by Lloyds Bank on Thursday (2 October).

Completion of the restructuring now remains subject to the consent of just the Royal Bank of Scotland. If consent is given, the restructure is expected to become effective on 8 October.

The banks provide liquidity facilities to Punch, with RBS also providing hedging arrangements to the Punch A securitisation.

Last month Punch said it was entering the “final stages” of its restructure after noteholders and shareholders approved the proposals,

The terms of the proposals are broadly similar to those announced on 26 June and will see a debt for equity swap resulting in a equity dilution for existing shareholders.