Pub group Punch Taverns has launched a proposed restructuring plan for its £2.3 billion of debt, warning that if it fails to agree the move with lenders it could lead to the company defaulting.
The group, like other pub groups, has been hit hard in recent times by taxes, the recession and debt which was built up before the recession.

Bondholders previously rejected a proposal to restructure the debt pile early last year.
Stephen Billingham, executive chairman of Punch, commented: “We want all stakeholders to consider the proposals carefully and thoroughly. We will continue to be available to answer any questions. It is the view of the board that the benefits of approving the restructuring are clear and of benefit to all stakeholders. However, failure to do so will lead to a much worse outcome with considerable uncertainty for the business and potentially significant loss of value."