PUNCH Taverns has agreed terms with bondholders holding more than 50 per cent of its junior and senior notes for a restructuring which will wipe out equity investors.

However, the group said there were still hurdles to be overcome in the debt-for-equity deal that will lead to the 100 per cent currently owned by shareholders being slashed to 15 per cent.

Punch said net income in its core estate had risen 1.4 per cent in the 44 weeks to June 21.

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