Debenhams secures £200m lifeline with lenders

New players? Why get players who are in their prime now when you can get players who were good a few years ago for a fraction of the cost? Just like a hoody or some joggers

New players? Why get players who are in their prime now when you can get players who were good a few years ago for a fraction of the cost? Just like a hoody or some joggers

Mike Ashley of Sports Direct fame has been gleefully filling his oversized mug with stricken high street chains, and has made no secret of his desire to add Debenhams to his catch.

The money has been divided into two tranches, with Debenhams getting £101m now and another £99m when its long-term future has been secured. Ashley has until April 8 to make his move.

"Ashley's now between a rock and a hard place".

'He faces either seeing his stake in Debenhams disappear or having to stump up cash to keep shares in the company alive.

The company has snubbed the Sports Direct tycoon's previous efforts to seize control, including a recent £61m takeover approach, because it said the offer did not provide "a solution to the group's immediate working capital needs, and the board could find no way for the group to continue to trade until such time as the offer, if made and successful, had closed".

It is the latest twist in the battle for control of Debenhams, which is struggling under a huge debt pile and a tough backdrop for high street retailers.

Shares in Debenhams jumped more than 40% following news of the refinancing deal being completed.

The billionaire is the biggest shareholder in Debenhams with 30% of the company but his stake looks set to be totally wiped out.

Elon Musk Just Released a Rap Song About Harambe the Gorilla
Having listened to it several times, all we can say for sure is that it's an earworm you definitely should not listen to it. There's still time! He could be Elon Musk: CEO of Tesla and SpaceX and record producer extraordinaire.

Despite the deal, Debenhams said that it would continue with its plans to reduce its number of stores and agree lower rent rates.

Media captionCan Mike Ashley save debt-laden Debenhams?

Ashley has already managed to get chairman Sir Ian Cheshire ousted from the business.

"As the termination of Debenhams noteholder consent process was one of the waivable pre-conditions to the proposal, Sports Direct is giving further consideration to Debenhams' announcement in the context of the proposal", it said.

In a Friday statement, Sport Direct said was now considering its options.

"The company therefore had no implementable alternative to its well-developed plans to enter into the facilities in order to protect the interests of its broader group of stakeholders including employees, pension holders, suppliers and lenders".

He added that it "has preserved a route for our shareholders to participate in the future of the business, but this requires the support of our major shareholder", in a pointed address to Ashley.

Recommended News

  • DoorDash driver caught sipping milkshake before delivering order

    DoorDash driver caught sipping milkshake before delivering order

    But the incident left a sour taste in their mouths. "We have trust between the company and the drivers ", Rajesh said. The Malhotras didn't know what had happened until the next morning when they checked their doorbell camera footage.
    A First Edition Harry Potter Book Just Sold for $90,000

    A First Edition Harry Potter Book Just Sold for $90,000

    In later editions, after many puzzled inquiries, Taylor was asked to create a new drawing - one of Professor Albus Dumbledore . Only 500 of these first edition copies were published and 300 reportedly went to libraries so it's quite the rarity .
    Oregon's Bol Bol officially enters draft after hiring agent

    Oregon's Bol Bol officially enters draft after hiring agent

    That became official on Friday, when Nick DePaula of ESPN reported that Bol had hired an agent and will enter the 2019 NBA Draft. Bol's OR career may have been brief, but we'll be saying his name a lot more in the National Basketball Association .
  • Emery on the defensive after no Arsenal players make England squad

    Emery on the defensive after no Arsenal players make England squad

    In 90 minutes we have different systems and different players. "We need a sporting director, it's coming. The best possibility for us is for all the players to be ready to help us with a good mentality".
    Google Maps Has A Hidden 'Snake' Game

    Google Maps Has A Hidden 'Snake' Game

    Each passenger you pick up makes your train longer, which makes it a bit harder to manoeuvre on the screen. You can now play a version of the classic Snake game on the mobile app and desktop .
    Manhattan tolls, plastic bag ban approved in New York budget

    Manhattan tolls, plastic bag ban approved in New York budget

    He said he would make the budget late, if lawmakers did not come to final agreement on public campaign finance reform. It also contains a provision that would allow (but not force) localities to impose a 5-cent tax on paper bags.
  • New Japanese imperial era Reiwa takes name from ancient poetry

    New Japanese imperial era Reiwa takes name from ancient poetry

    It was presided over by Japan's wartime emperor, Hirohito, and encompassed both World War Two and Japan's post-conflict boom. The era's name aims to set the tone for the upcoming decades, and remains significant to most Japanese in their daily life.
    Sri Lanka's Test captain Dimuth Karunaratne arrested over drink driving

    Sri Lanka's Test captain Dimuth Karunaratne arrested over drink driving

    Though the victim sustained minor injuries the cricketer was apparently under the influence of alcohol when the accident occurred. Editorial team of CricketCountry.

    Mark Hamill to voice Chucky Doll in Child’s Play reboot

    Lars Klevberg , who previously helmed the horror flick Polaroid (which still hasn't been released), is in the director's chair. Fans bellowed their excitement when Hamill appeared on overhead video screens in a taped greeting.
  • Vietnamese suspect in Kim Jong Nam murder sentenced

    Doan Thi Huong pleaded guilty to a charge of causing hurt by a unsafe weapon, which carries a maximum 10 years in jail. The women's lawyers say they thought they were part of a reality prank show and did not know they were poisoning Kim.
    Eurostar: Man with English flag brings service to a halt

    Eurostar: Man with English flag brings service to a halt

    Southeastern had to alter some journeys but has advised passengers they could use London Underground and Thameslink services instead at no extra cost.
    Dodgers Stadium Parking Lot Fight Leaves Man On Life Support

    Dodgers Stadium Parking Lot Fight Leaves Man On Life Support

    The latter fell to the ground after one punch, police said, and a witness immediately alerted facility personnel and police. On Saturday night, the LAPD said the incident was being labeled an assault, and was no longer considered an altercation.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.