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GC Asia
Cheers! Punch bondholders finally vote yes
The value of the distressed Punch whole business securitizations is set to rally after both shareholders and bondholders voted in favour of the latest in a series of restructuring efforts.
It has taken since May for the stricken UK pub group’s management to win approval from both sets of creditors for the deal, which will reduce Punch’s net debt by £600m but dilute its equity share capital to just 15% of its present value.
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