Debenhams has been given the green light to press ahead with a £200 million refinancing, paving the way for the likely wipeout of existing shareholders, including Mike Ashley’s Sports Direct. Debenhams has been given the green light to press ahead with a £200 million refinancing, paving the way for the likely wipeout of existing shareholders, including Mike Ashley’s Sports Direct. It will allow Debenhams to embark on a wider restructuring in an effort to secure the future of the business. However, an associated restructuring plan could wipe out existing shareholders such as Mr Ashley, who has been attempting to seize control of the firm. The “possible firm offer” would be for the 70% of Debenhams shares that Mr Ashley does not already own.

Source: Irish Independent March 28, 2019 07:30 UTC