Punch Taverns in fresh crisis as debt restructuring 'fails to win investor support' The pub chain warned on Monday it could face administration without an agreement from senior bondholders. But sources said Punch had not gone far enough to win the backing of the investors, who are represented by a special committee set up by the Association of British Insurers. Stephen Billingham, Punch executive chairman, plans further discussions with investors this week but, unless there are more concessions, the company could be facing the prospect of failing to meet debt covenants. The group has been saddled with a debt mountain built up during an expensive series of acquisitions in the boom years which propelled it into the FTSE 100 and made a City star out of then-chief executive Giles Thorley. But the highly geared model was battered by the financial crisis and the group needs a considerable cash injection to avoid a default. The group now has around 5,000 pubs compared with more than 7,000 at its peak. Senior bondholders rejected a restructuring package in February and there was disappointment on Monday that Punch had gone no further than to tweak the earlier debt programme. Punch shares edged up 0.25p to 13.25p on Monday. The company, which was founded in 1997 by Hugh Osmond of Pizza Express fame, sold another 246 pubs for £84m, slightly ahead of book value.