Oct 7 (Reuters) - Punch Taverns Plc said it hadreceived approval from Royal Bank of Scotland Plc forits plan to restructure its 2.3 billion pound ($3.70 billion)debt, allowing the restructuring to proceed.
The pub operator said in August that owners of 65 percent ofits notes supported the plan, but that it had yet to secure thebacking of lenders.
Under the restructuring plan released in June, Punch's netdebt would drop by about 600 million pounds and result inshareholders retaining just 15 percent of the company. (1 US dollar = 0.6213 British pound) (Reporting by Aastha Agnihotri in Bangalore)