Undertakings to support the proposals have now been given in respect of c72% of the notes across the Punch A and Punch B securitisations and c54% of the issued share capital of Punch, the group announced this morning. At least 75% of shareholders and lenders are required to back the proposals.
The increased support results from market purchases of Class B3 notes issued by the Punch A securitisation by seven holders of junior classes of notes in the Punch A and Punch B securitisations and an agreement that the funds have entered into with Morgan Stanley & Co International plc.
Punch said the expected timetable for the proposals to become effective is not affected by this announcement.
Shareholders and noteholders are due to meet on 17 September, and if all requisite shareholder, noteholder and other creditor approvals are obtained, the restructure proposals are expected to become effective on 8 October.
Last month Punch Taverns announced the delayed launch of its restructure. 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.