RESTRUCTURING

摘要

The punch taverns restructuring saga has been extended again, after the UK pub operator failed to launch the restructuring implementing the proposals outlined in June by the August 11 deadline. Punch said it has a ten-day cure period in which it could get the deal done, but fell short of fully committing to it by saying "there can be no certainty that a restructuring will be launched within this period". Despite that, it remains keen to get a deal done, as "a consensual restructuring is needed to avoid a near-term default", the company added. The most recent batch of proposals outlined two months ago includes a debt-for-equity swap for junior noteholders. The plan would lead to a £600m reduction in debt through switching of some junior notes for equity and the issuance of new classes into the structure.