The chairman of Punch Taverns Stephen Billingham has warned that the group faces years of uncertainty if a £2.3 billion restructuring plan isn't approved by creditors next Friday.
Ahead of the vote, Mr Billingham said: "The next few days will be some of the most important in the company's history. The Punch board calls on all parties to vote in favour of the restructuring proposals.
It is well known that certain creditors with blocking stakes have said they do not support the proposals. There are also other creditors with conflicting views who have blocking stakes.
We have tried to listen to everyone and find a middle way. While it is not possible to accommodate all of the conflicting views, Punch has attempted over a 14-month period of engagement and at significant financial cost and management time to find a balance between these conflicting views."
Failure to agree on a restructuring deal is unlikely to lead to the entire company going bust, but it would mean years of uncertainty for the group.
