Punch Taverns receives final approval for restructuring

By John Harrington, M&C Report

- Last updated on GMT

Related tags: Punch taverns, Stock market, Stock, Finance

Punch Taverns has received the final approval of its restructuring plans
Punch Taverns has received the final approval of its restructuring plans
Punch Taverns has completed the final hurdle for its restructure, with the Royal Bank of Scotland (RBS) approving the move today.

In a statement, Punch said: “All shareholder, noteholder and securitisation creditor approvals have now been obtained and completion of the restructuring is expected to become effective on 8 October 2014.”

Lloyds Bank approved the measure on 2 October. Lloyds and RBS provide liquidity facilities to Punch, with RBS also providing hedging arrangements to the Punch A securitisation.

Last month Punch said it was entering the “final stages” of its restructure after noteholders and shareholders approved the proposals.

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.

Related topics: Punch Pubs & Co

Related news

Show more

2 comments

8.9p at close

Posted by david,

Yeah! Punch must have been having to beat off the queue of willing lenders!!!

Down 1.11% today on the joyous news.

But then Rome wasn't built in a day

Report abuse

The Truth

Posted by RFM,

Is that a number of banks were caught doing the same thing, Lloyds, RBS, Barclays,HSBC.

So it was kinda Hobsons Choice as to which bank it was.

Let's see what happens to the price now.

Report abuse