Apr 10, 2019

How Mike Ashley ended up in cold on Debenhams deal

Mike Ashley should have been favourite to take over Debenhams. Barely two months later in February, Debenhams agreed a £40m loan with its existing creditors. Shortly after it agreed the loan in February, Debenhams persuaded Mr Ashley to sign a non-disclosure agreement - legally making Sports Direct a party to ongoing refinancing talks and precluding it from buying debt in the market. In recent weeks Sports Direct has described the pre-pack as "a long-planned theft", said that Debenhams advisers should be sent to prison and called for its executives take lie detector tests. If Debenhams runs into distress again, Mr Ashley will probably be waiting with open arms.

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