30th Apr 2014 13:40
LONDON (Alliance News) - Punch Taverns PLC Wednesday said that noteholders of its its Punch A and Punch B securitisations voted in favour of waiver requests, giving it more time to get a deal with its creditors for a broad restructuring of its debt pile.
The pub operator had been in extensive talks between its stakeholders on a consensual restructuring of the its two Punch A and Punch B securitisations, a move it had said was necessary to avoid a near-term default in both securitisations, which in the case of the Punch A securitisation would occur by May 15.
Punch Taverns said Wednesday, that at a meeting held, noteholders voted "overwhelmingly" in favour of the waiver requests.
Shares in Punch Taverns were up 1.8% at 14.00 pence Wednesday afternoon.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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