Mitchells & Butlers Obtains Debt Waivers From Creditors
Irish-backed UK pub group Mitchells & Butlers has announced that it has obtained debt waivers from its creditors in exchange for an agreement to not return money to shareholders or repay bond debt until September of next year at the earliest.
Mitchells & Butlers also stated that it has agreed to an extension of existing credits facilities and an extra £100 million in liquidity, which gives it access to £250 million in financing until the end of next year, as reported by The Irish Times.
Mitchells & Bulters operates 1,748 pubs, bars and restaurants under several brand names, including All Bar One, O'Neill's and Ember Inns.
Irish businessmen JP McManus and John Magnier have a combined stake of 23.5% in the company, which has put 99% of its staff on leave due to the COVID-19 crisis.
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