Punch Taverns has entered the “final stages” of its restructure process, with noteholders this afternoon joining the shareholders in approving the proposals, which are now expected to be implemented on 13 October.

Punch’s updated resolutions for the restructure of its £2.3bn debt have been passed today by noteholders at each of the sixteen noteholder meetings. Earlier this afternoon it was announced that shareholders had given their support to the move.

Completion of the restructuring now remains subject to the consent of The Royal Bank of Scotland, a liquidity facility provider to the Punch A and Punch B securitisations and provider of hedging arrangements to the Punch A securitisation, and Lloyds Bank, a liquidity facility provider to the Punch A securitisation).

“Punch is continuing the process of obtaining the consent of these creditors,” the company stated.

“Subject to the successful receipt of these consents, it is expected that the closing date of the restructuring will be 8 October 2014. The proposed share capital consolidation, details of which are set out in the prospectus and which was previously expected to become effective on 8 October 2014, is now expected to become effective on 13 October 2014.” 

Stephen Billingham, executive chairman of Punch, said: “We are delighted the resolutions have been passed by our noteholders and shareholders today.

“This has been a long and complex process and reflects an enormous amount of work that has been required by all parties. We have now entered into the final stage of the restructuring process and look forward to completion on 8 October following the receipt of outstanding consents.”

The ABI Special Committee, which represents a number of creditors and had been critical of previous restructure proposals, was positive about today’s news.

Robert Hingley, director of investment affairs at the ABI, said: “The ABI Special Committee and its advisers consistently called for a restructuring that reduced debt to a sustainable level and put the business on a proper footing. We are proud that today’s vote secures a deal that achieves that and provides a firm foundation for Punch Taverns.”

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.