Mitchells & Butlers gets reprive to avoid technical debt default

April 14 (Reuters) - Pub chain Mitchells & Butlers
has obtained a waiver until May 15 to avoid a technical default
on its debt obligations due to closures under Britain's
coronavirus lockdown, and the company has enough cash left to
fund its business into the second half of the year, it said on
Tuesday.

Mitchells, whose sites have been closed for over three
weeks, also said it had furloughed 99% of its employees and that
it did not know how and when it would reopen pubs due to doubts
over the duration of the lockdown and recovery afterwards.

(Reporting by Tanishaa Nadkar in Bengaluru; editing by Patrick
Graham)

Mitchells & Butlers