May 9, 2019

Debenhams creditors approve final element of refinancing plan

Creditors of Debenhams, the UK department store group that went into a "Pre-pack" administration last month, have approved proposals that will allow the group to close 22 stores and reduce rents on over 100 more. The CVAs are the final part of a refinancing process that has seen the group's equity wiped out and its creditors swap £100m of debt for new equity. Terry Duddy, Debenhams executive chairman, said the company was grateful to suppliers, pension stakeholders and landlords for backing the plan. "We're a long-term partner. We'd like to see Debenhams succeed," said Mark Cotter, chief executive of Yorkshire-based concessionaire and supplier Baird Group. Debenhams has yet to name a new chief executive after Sergio Bucher resigned in April.

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