Punch Taverns faces opposition to final restructuring proposals
January 27, 2014 1:46 pm
Punch Taverns (PUB.L) the Pub Landlord group today released a statement in response to fresh opposition to its recent restructuring plan released on the 15th January.
A group of creditors including funds managed by Oaktree Capital Management, Angelo Gordon Europe and Warwick Capital Partners have pledged to oppose Punch Taverns proposals in their current form and say the company should reopen talks.
Punch Taverns maintain agreement is essential to avoid a default soon and the only option to deal with the companies spiraling debt problem. The timetable is for the Restructuring proposals to be voted on at noteholder meetings on 14 February 2014.
“The Company continues to be available to discuss with creditors their views of the Restructuring proposals.” Punch said in their statement.
Punch Taverns (PUB.L) the Pub Landlord group today released a statement in response to fresh opposition to its recent restructuring plan released on the 15th January.
A group of creditors including funds managed by Oaktree Capital Management, Angelo Gordon Europe and Warwick Capital Partners have pledged to oppose Punch Taverns proposals in their current form and say the company should reopen talks.
Punch Taverns maintain agreement is essential to avoid a default soon and the only option to deal with the companies spiraling debt problem. The timetable is for the Restructuring proposals to be voted on at noteholder meetings on 14 February 2014.
“The Company continues to be available to discuss with creditors their views of the Restructuring proposals.” Punch said in their statement.
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