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Morning Briefing for pub, restaurant and food wervice operators

Mon 7th Apr 2014 - Breaking News - Punch requests bondholder meeting to avoid default
Punch requests bondholder meeting to avoid default: Punch Taverns has asked to meet bondholders on 29 April to vote on waiving covenants to avoid default. The company stated: “Since its announcement on 28 February 2014, Punch has continued to facilitate discussions between stakeholders with a view to reaching agreement on the terms of a consensual restructuring for the Punch A and Punch B securitisations. While progress has been made, further time will be required to finalise the proposals with stakeholders and to permit stakeholders and their advisers to review and comment on the documentation necessary to implement them. To ensure that no default occurs while discussions continue, Punch A and Punch B have today given notice convening noteholder meetings to be held on 29 April 2014 for the purposes of voting on covenant waiver requests. The waivers are necessary to avoid the risk of a near-term default in both securitisations, which in the case of the Punch A securitisation is anticipated to be as early as 15 May 2014. The requests include temporary waivers of the Debt Service Cover Ratio covenant and certain other provisions of the securitisation documents and, if granted, will expire at the latest on 29 August 2014. It is a condition of the waivers that a restructuring is launched by 30 June 2014. The covenant waiver requests require the support of all classes of noteholders and other securitisation creditors. There can be no assurance that the necessary noteholders and other securitisation creditors will support the covenant waiver requests, or that agreement will be reached on the terms of a consensual restructuring.”
Biershenke takes 8,500 square foot site: An 8,500 sq ft former café bar in the heart of London has been leased by the City of London Corporation to bierkellar operator Biershanke. The premises on Blomfield Street EC2, forming part of the London Wall Building and a short distance from Liverpool Street Station, traded most recently as a Henrys Cafe Bar. It closed in 2012 when the former tenants, TCG, exercised a break clause. The new lessee, Bierschenke, is looking to reopen the site as a German restaurant and bierkeller split over the ground floor and basement. The company recently sold its premises on the Strand, which had become too small for the burgeoning brand. Anthony Jenkins, associate director of Christie + Co, which acted on behalf of the City of London Corporation, said: “The City of London Corporation is pleased to have secured a tenant for this iconic building in the Square Mile, which will add value to the overall area and provide something different for the people working in the many offices and banks in the area. As to be expected, the site in this excellent location attracted huge interest and multiple bids from up-and-coming operators and brands in the licensed sector.” The new lease was granted for a period of 13 years.

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