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Punch Plan to Offer Lenders Control for Write-Off, Times Says

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May 20 (Bloomberg) -- Punch Taverns Plc plans to offer lenders control of the company in return for writing off part of its debt, the Sunday Times said, without saying where it got the information.

Punch, which has 2.3 billion pounds ($3.6 billion) of debt, has started talks with lenders, according to the newspaper. The company would remain listed, with lenders holding the majority of its equity and investors a “significant” minority stake, the Sunday Times said.

A spokesman for Punch, who declined to be identified, citing the company policy, declined to comment when contacted by telephone today.

To contact the editor responsible for this story: Mike Harrison at mharrison5@bloomberg.net

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