Mar 29, 2019

Debenhams advisers 'should be jailed', says Ashley

PA Sports Direct's Mike Ashley has lashed out after Debenhams bondholders cleared the way for a restructuring which could see shareholders' stakes wiped out. A majority of the chain's bondholders voted to change the terms of some of their bonds, moving Debenhams closer to a £200m refinancing. Shares in Debenhams, which had surged on Wednesday after Debenhams said noted that Sports Direct was considering a £61.4m takeover offer, were down more than 25% at about 2p per share at the close of the markets on Thursday. Debenhams is expected to continue to favour either a debt-for-equity swap or a pre-pack administration - an insolvency procedure in which a firm arranges to sell its assets to a buyer before appointing administrators to facilitate the sale. Sports Direct is the biggest Debenhams shareholder, with a 29.7% stake.

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