Punch Taverns restructure: a timeline
Executive chairman Stephen Billingham said: "Our financial restructuring has now been completed. This is good news for our tenants and our staff. I would like to thank all our 400 staff for their hard work and support over such a prolonged period of uncertainty.
"We can now move forward with a solid balance sheet and continue to progress our strategy and investment in our pubs."
24 October 2012
Punch announces plans to restructure following fall in pre-tax profits and 'broadly flat' net income. Former chief executive Roger Whiteside said the deal 'will take time'.
8 February 2013
Firm announces it is 'confident' that the restructure will happen in the first half of the year with plans to begin 'without delay' to reduce debt by £463m.
10 June 2013
Proposals to restructure its £2.4bn debt securitisation 'to be completed this month'. Executive chairman, Stephen Billingham, says the plans 'reflect the results of an extensive process with stakeholders'.
25 October 2013
Finance director Steve Dando could be 'in line for one-off payment up to 100% of his annual salary' on completing the capital restructure project, and the consensual restructuring is due to be launched 'in the final three months of this year'.
9 December 2013
Latest proposals for debt restructure published, with plans to launch final proposal in January. Firm admits there are 'different and conflicting views from some stakeholders on aspects of the proposals'.
27 January 2014
Plans rejected by Association of British Insurers (ABI) senior noteholder committee with relation to both Punch A and Punch B and it calls for the company to reopen negotiations. Chairman Stephen Billingham says the 'consequences of it (the restructure) not happening are pretty bad'.
27 June 2014
The latest restructure proposals are approved by the ABI special committee. It means about 60% of bondholders are now signed up with a 75% requirement in each tranche of debt after three and a half years of negotiations.
17 September 2014
Restructure into final phase as shareholders and noteholders vote in favour. Billingham says 'this has been a long and complex process and reflects an enormous amount of work that has been required by all parties'.
8 October 2014:
Restructuring takes effect following the sign-off of the Royal Bank of Scotland, and earlier in the month, Lloyds Bank. Proposals will see a debt for equity swap, resulting in an equity dilution for existing shareholders.
