Punch Taverns: warning of a pub brawl

Punch has £2.4bn of securitised borrowings and admits it cannot service those debts indefinitely "In amongst all this complexity there is equity value," said Roger Whiteside, chief executive of Punch Taverns. Really? Punch has £2.4bn of securitised borrowings and admits it cannot service those debts indefinitely while staying within the covenants. Punch is down to its last £90m and is having to throw £20m-plus a year into the securitisations to prevent a breach of covenants. If event...