Punch goes back to drawing board with debt shake-up

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Pubs operator Punch Taverns has torn up plans for a restructuring of its £2.3 billion debt pile after bondholders described the blueprint as “unsignable”.

The shake-up was due to be put to a vote among bondholders on Friday, but Punch said this morning that it has decided to withdraw the resolutions “to facilitate a period of further engagement with stakeholders”.

The group’s executive chairman, Stephen Billingham, reiterated his warning that the firm risks defaulting on its bonds unless it can agree a restructuring of the debts, but said the board believed a deal could be reached within two months.