Punch Taverns noteholders have voted overwhelmingly in favour of requests by the pub company to waive its covenants that would otherwise put the firm in default, as part of the restructure of its £2.3bn debt.
Punch Taverns has been found to have committed technical breaches of its code of practice in the latest case to go through the Pubs Independent Conciliation & Arbitration Service (PICA-Service).
Punch tenants are still concerned about the future of their pubs, despite bondholders last week voting in favour of the pubco’s restructuring proposals.
Punch Taverns has re-launched its tenants training programme, after claiming new licensees often “underestimate” the expertise they need to run a successful pub.
A publican facing eviction has asked Punch Taverns to offer him and other struggling licensees the same debt waiver the company requested from noteholders.
Punch Taverns has this morning published details of revised restructuring terms, which differ in a number of ways from the terms of the restructuring launched by the company in January, including a debt for equity swap that would see bondholders take...
Talks regarding the restructuring of Punch Taverns are set to continue after the pub company announced this morning that its bondholders had voted in favour of waiving covenants that would otherwise have placed the company in default.
Punch Taverns today reported a 1.4% rise in like-for-like net income across its core estate for the last six months and said talks over its debt restructure continue.
A group representing senior Punch Taverns noteholders has signalled its acceptance of the pub company’s request to waive its covenant and avoid default on its debt securitisations.
Punch Taverns has called a meeting with bondholders to vote on a request to waive its debt covenant to “avoid a near-term default” on its securitisations.
Campaigners hoping to save a Devonshire village pub have been handed a lifeline after Punch Taverns agreed to sell the property to a community enterprise group.
Punch Taverns has expressed frustration that its efforts to engage with Liberal Democrat politicians involved in the Government’s consultation on pubco regulation have gone unanswered.
Punch Taverns has stated that it would default on its debt payments within 30 days of the 15 April covenant testing date if it fails to achieve its restructuring plan, and warned of the “material negative impact on the business” if its plan is not approved...
Punch Taverns is unable to guarantee that tenants’ deposits would be secure in the event of a default on its £2.3bn debt mountain, but suggested it would be highly unlikely that an administrative receiver would not protect the funds.
Punch Taverns has “categorically” dismissed rumours claiming it has allowed tenants to buy outside the tie, ahead of the noteholders vote on its debt restructuring proposals next week.
The next few days will be some of the most important in the history of Punch Taverns, the group’s executive chairman Stephen Billingham has said as it nears the date where noteholders vote on its debt restructuring proposals.
Punch Taverns tenants have expressed their anger after the pub company recruited a third party agency to carry out surprise stock audits in its pubs, as part of a fresh crackdown on licensees buying outside the tie.
Save the Pub Group chairman MP Greg Mulholland has asked Punch for reassurance that its tenants deposits are secure in the event that the company goes into administration.
Punch Taverns executive chairman Stephen Billingham and a committee representing senior Punch noteholders have clashed over the process of the company’s debt restructure.
Punch Taverns, the tenanted and leased pub operator, has announced the full terms of its debt restructuring proposal and said that failure to effect the restructure would be expected to lead to a default in the near-term.
Punch Taverns has written to Prime Minister David Cameron refuting accusations made against the company by MP Greg Mulholland during Question Time in the House of Commons last week.
Punch Taverns has this morning set out its latest proposals for restructuring its debt securitisations, and said it will launch its final proposal by 15 January.
Punch Taverns, the tenanted and leased pub operator, has reported a 1.4% rise in like-for-like net income in its core estate in the 12 weeks to 9 November, and maintained its view that it intends to announce restructuring proposals in December.
Punch Taverns and leaseholder Graham Dennett, of the Rams Head Inn in Grappenhall, Cheshire, have been fined for failing to implement adequate fire safety measures.
