Globe Pub Company, the struggling operator owned by Robert Tchenguiz, is facing an uncertain future after defaulting on a £257m asset-backed loan.
The default comes after the company, which owns more than 400 pubs, failed to remedy a breach of its banking covenants last month. As a result, bondholders can now seek the appointment of an administrative receiver to run the business.
Should that happen, Tchenguiz could face the risk of losing control of the business and see his investment wiped out.
Analysts cautioned that it was too early to say what would happen to the company as it could still negotiate a deal with its bondholders.