Punch Taverns is reportedly looking to appoint financial advisers to help it restructure, according to reports at the weekend.
A story in the Sunday Express said that NM Rothschild, Lazard, KPMG and PricewaterhouseCoopers were in the running for the job.
Deutsche Bank is thought to have requested that the company have financial advisers on standby in case it breaches its covenants.
Punch announced last week that it had repaid, in the first 35 weeks of its financial year, £318m of debt at a cost of £203m.
In total, the company has reduced 7% of its gross debt after disposing of £91m worth of pubs. However, Punch had losses of £122m following an exceptional charge of £184m — this included a £147m charge for pub impairments.
