Aug 11 Punch Taverns Plc said a
restructuring of its debt, which was supposed to conclude by
Monday, had been delayed as the British pub operator sought more
time to conclude certain discussions with stakeholders.
Punch Taverns, which has about 4,300 pubs, was hit hard by
Britain's double-dip recession. In January, it proposed a
restructuring plan to avoid a default but the proposal was
rejected by shareholders.
In June, the company unveiled new proposals to reduce its
total net debt by about 600 million pounds, resulting in
significant equity dilution for existing shareholders.
The pub operator said that a restructuring on terms broadly
similar to those announced in June could be launched within the
10 business days grace period as part of the terms.
Punch Tavern shares were down marginally in thin Monday
morning trade on the London Stock Exchange.
(Reporting by Aastha Agnihotri in Bangalore; Editing by