Punch Taverns says it’s continuing to engage with its stakeholders over the company’s debt restructuring process as the self-imposed deadline for completing the process in the first half of 2013 passes.
A restructuring plan had been rejected by an influential group of senior lenders, represented by an Association of British Insurers special committee, amid claims that the junior lenders were being incorrectly prioritised and would receive cash for holdings that were close to worthless. A revised plan was rejected by the committee as being “too vague”.
In a statement released this morning, Punch said: “Following the announcement of revised restructuring proposals for the Punch A and Punch B securitisations on 10 June 2013, Punch has continued the process of engagement with stakeholders. These discussions are making progress and Punch will provide an update on the implementation of a restructuring in due course.”
In February finance director Steve Dando told M&C Report that the company aimed to complete the process in the first part of the year.
