Oct 2 (Reuters) - Punch Taverns Plc said it hadreceived approval from Lloyds Bank Plc for its plan torestructure its 2.3 billion pound ($3.7 billion) debt.
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 including Lloyds.
The company said on Thursday it was now awaiting forapproval from the Royal Bank of Scotland. Upon receipt ofconsent from RBS, completion of the restructuring is expected tobecome effective on Oct. 8, Punch said.
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.
Punch, like many pub owners, was hit hard by Britain'sdouble-dip recession.
(1 US dollar = 0.6196 British pound) (Reporting by Aastha Agnihotri in Bangalore; Editing by TedKerr)
Lloyds (LLOY)