Punch Taverns receives final approval for restructuring
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.
It's been a long road but great news for partners & staff. Moving forward now with our strategy and pub investment http://t.co/pNRpjwdceO
— Punch Taverns (@punchpubs) October 8, 2014
