Punch taverns has just announced a restructuring plan that will see them reduce their debts in the hopes remaining competitive. Punch claims that this restructuring would mean that the company would not need to refinance until 2029 allowing them to better weather these difficult times.
This plan will see them increase repayments to investors and allow senior noteholders to sell there shares for cash, Investors where Happy to hear this news at least because Punches shares rose by 4% following this announcement.
Executive chairman Stephen Billingham said: “Support is required from a number of stakeholders who will have a range of views on the revised restructuring proposals. We will continue to engage with all stakeholders and will be inviting all stakeholders to attend a meeting this week to discuss the detail of the revised restructuring proposals and next steps before progressing to implementing a restructuring in June 2013.”