It was perilously close, but Giles Thorley's Punch Taverns survived a crucial vote to approve the publican's £375million rescue fundraising, reports the Daily Mail.
The group has been whittling down its debts, paying off £404million - 8 per cent of the total - since the start of its financial year.
It has sold off non-core pubs to help pay-down debts, recently announcing the sale of 11 pubs to rival Greene King for £30.4million.
It has also said it will continue to look at asset sales and ways to cut costs to improve cash flow and ease its debt burden, but it hopes the share placing will avoid the need to offload core pubs at unattractive prices.
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