Partly Cloudy

Partly Cloudy

max temp: 19°C

min temp: 11°C

Search

The pigs are coming. Find out more about

Pigs Gone Wild

here.

East Anglia: Punch seeks waivers to avoid default as talks over debt restructuring continue

12:19 07 April 2014

Pubs group Punch Taverns remains in talks over the restructuring of its debt pile.

Pubs group Punch Taverns remains in talks over the restructuring of its debt pile.

Pubs group Punch Taverns is to seek a waiver to avoid default while it continues to seek agreement over a restructuring of its debts.

In an update today, Punch said discussions had made progress over the past five weeks but further time would be required to finalise proposals and to allow stakeholders and their advisers to review and comment on them.

As a result, meetings for Punch A and Punch B noteholders will be held on April 29 vote vote on covenant waiver requests, in order to avoid the risk of a near-term default in the securitisations, which in the case of the Punch A, could occcur as early as May 15.

The requests include temporary waivers of the debt service cover ratio covenant and certain other provisions of the securitisation documents. If granted, they expire on August 29 at the latest, but with a requirement for a restructuring to be launched by June 30.

Punch said today: “The covenant waiver requests require the support of all classes of noteholders and other securitisation creditors. There can be no assurance that the necessary noteholders and other securitisation creditors will support the covenant waiver requests, or that agreement will be reached on the terms of a consensual restructuring.”

In its last update at the end of February, Punch repeated its warning that it faced the prospect of default unless creditors agree to a restructuring of its debt.

It came after the group called off a vote on its latest proposals amid continued objections from bondholders, and agreed to a fresh round of consulation − a process it began more than a year ago.

Punch is Britain’s second biggest pub owner with around 4,000 leased and tenanted properties, including many in East Anglia where, as a result of mergers and acquistions, it includes a number of former Tolly Cobbold pubs.

0 comments

Zena Gravener, with Patrick Last, reignites her battle with Suffolk County Council over a

A 73-year-old woman has reignited a campaign to push Suffolk County Council (SCC) into cutting back a “dangerous” grass verge near her home.

The A14 near Stowupland

A crash involving two vehicles blocked the eastbound A14 at Stowmarket earlier this afternoon.

Trail makers are needed to keep an eye on the pigs during the summer months

Friendly faces are needed to greet visitors to Ipswich this summer and ensure the interactive Pigs Gone Wild trail is a success.

An Abellio Greater Anglia train at Colchester

A number of trains – starting with the 16.00 Colchester Town to Colchester – have been terminated or cancelled this afternoon due to a member of train crew being unavailable.

Britannia Primary School’s football team are cheered by their classmates while carrying their Southern Championship trophy that earned them a place at the finals in Wembley.

Ipswich Town may have failed to reach the play-offs – but a Suffolk primary school will today realise a dream and play at Wembley in a national cup final.

Police evacuated Gusford Primary School in Ipswich after a bomb threat. It was later confirmed to be a hoax

Parents have praised an Ipswich primary school for its quick action after a hoax bomb threat yesterday morning.

Lord Framlingham - Sir Michael Lord - joined Vote Leave supporters in Ipswich.

With the date of the EU referendum now less than four weeks away, supporters of both sides in the battle over the UK’s future have been taking their campaign to the streets.

Firefighters from Colchester were called to a blaze on a boat.

Two fire crews from Colchester were called to a boat moored on the quay in the town after reports of a fire on Saturday morning.

Clacton lifeboat was launched during the drama at the pier.

All four emergency services were called to a drama on Clacton Pier on Friday afternoon when someone was seen sitting on the wrong side of the fence.

Most read

Most commented

HOT JOBS

Show Job Lists

Topic pages

Streetlife

Newsletter Sign Up

Great British Life

Great British Life
MyDate24 MyPhotos24