James Moore: How long can the pain go on at Punch Taverns?

Outlook Bondholders at Punch Taverns look set to reject the latest debt restructuring proposal. Now we're about to find out if Stephen Billingham, the executive chairman, was bluffing when he warned that the deal on the table is the company's last, best hope to avoid receivership.

The bondholders justifiably complain that shareholders aren't taking much of a hit here (although it's not as if they haven't endured any pain). Trouble is it's taken 14 months to get this far. The question now is how much longer this bondholders' stand can be allowed to continue before the company bleeds to death. And whether it is Mr Billingham or someone else that puts it out of its misery.