April 7 Punch Taverns Finance B Ltd -
* Discussions have been ongoing between and with stakeholders with a view to reaching agreement on terms of a consensual restructuring for punch a and b securitisations
* Further time will be required to finalise proposals and to permit stakeholders and their advisers to review and comment on documentation necessary to implement them.
* Issuer has today given notice convening noteholder meetings to be held on 29 april 2014 for purposes of voting on extraordinary resolutions to approve temporary waiver requests
* Waivers are necessary to avoid risk of a near-term default by borrower in respect of its obligations under punch a securitisation which is anticipated to be as early as 15 May 2014
* Requests include temporary waivers of debt service cover ratio covenant and certain other provisions of securitisation documents and, if granted, will expire at latest on 29 August 2014
* It is a condition of waivers that a restructuring is launched by 30 June 2014 Source text for Eikon: Further company coverage: