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.
Mitchell’s of Lancaster, the Lancashire-based pub and hotel operator, says it hopes to roll-out its fledgling craft beer concept Tap House while also looking to make additional property disposals as a condition of completing a financial restructure of...
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 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.
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, 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.
Oakman Inns & Restaurants, the Peter Borg-Neal-led group, has raised £5.5m for further expansion and announced the appointment of Joseph Evans, currently financial controller of Whitbread Hotel and Restaurant Division, as its new finance director.
Business Debtline helped 26,000 struggling small businesses last year, a proportion of which were pub licensees. In this article, the charity offers 10 tips you can use to help get back on the road to financial health.
Advisory firm Christie Group has reported this morning that pubs have become more affordable and that funding remains available for experienced operators, but the sale of distressed assets by banks has slowed.
Punch Taverns, the tenanted and leased pub company, has announced revised proposals for the restructuring of its £2.4bn debt securitisation and says it hopes to have the restructure completed this month.