Punch Taverns looks for restructuring support as Moody’s reviews ratings

Punch Taverns hopes to ask bondholders to vote on the debt restructuring proposal it announced at the start of February within the first half of the year. Rating agency Moody’s, meanwhile, is worried about higher cash flow declines than it previously predicted and has put all classes of Punch ‘A’ and Punch ‘B’ debt on review for downgrade.