17th Sep 2014 14:48
LONDON (Alliance News) - Punch Taverns PLC Wednesday said that a majority of shareholders approved its latest debt restructuring proposals at a general meeting.
Meetings of noteholders in the Punch A and Punch B securitisations to approve the restructuring proposals are also taking place Wednesday and a further announcement will be made once these meetings have concluded.
On August 18, Punch announced the full terms of its latest restructuring proposals for the Punch A Securitisation and the Punch B Securitisation, the completion of an extensive period of engagement and negotiation with stakeholders.
The proposals included the exchange of junior Notes for a combination of new junior Notes, cash and New Ordinary Shares; a Firm Placing of 1,273,005,000 New Ordinary Shares in aggregate, to be allocated between the seven Funds (Alchemy, Angelo, Gordon & Co., Avenue, Luxor, Glenview, Oaktree and Warwick); and a 1 for 20 share consolidation.
Copyright RTT News/dpa-AFX
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