Punch Taverns may give bondholders ownership of as many as 6,000 pubs across in an effort to trim £3.1bn worth of debt the Sunday Times reported. Most of the company’s loans are secured against pubs owned by Punch and leased to independent landlords, the Times said. The company is also considering other options to reduce debt, including selling pubs or swapping debt for equity, the newspaper reported, without saying where it got the information. Punch’s borrowings have been slowly reduced by pub sell-offs, but they continue to unnerve investors. The company’s shares closed at 59p last week, compared with £14.65 three years ago. It spent £333m on interest charges and other financing costs last year. The Sunday Times, Business, p1