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Pub operator Punch Taverns delays debt restructuring

Mon, 11th Aug 2014 07:17

Aug 11 (Reuters) - Punch Taverns Plc said arestructuring of its debt, which was supposed to conclude byMonday, had been delayed as the British pub operator sought moretime to conclude certain discussions with stakeholders.

Punch Taverns, which has about 4,300 pubs, was hit hard byBritain's double-dip recession. In January, it proposed arestructuring plan to avoid a default but the proposal wasrejected by shareholders.

In June, the company unveiled new proposals to reduce itstotal net debt by about 600 million pounds, resulting insignificant equity dilution for existing shareholders.

The pub operator said that a restructuring on terms broadlysimilar to those announced in June could be launched within the10 business days grace period as part of the terms.

Punch Tavern shares were down marginally in thin Mondaymorning trade on the London Stock Exchange. (Reporting by Aastha Agnihotri in Bangalore; Editing byGopakumar Warrier)