Debenhams bondholders to back £200m restructuring loan
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Debenhams bondholders are expected to back a £200m restructuring loan, with a statement today claiming a majority had “provided consent to the amendments sought to the existing notes”.
The deadline for bondholders to accept the loan is 5pm tonight (28 March).
News of a loan will come as a blow to Mike Ashley, who’s Sports Direct company announced yesterday that it was considering a £61.4m bid to take control of the embattled department store chain, despite the retailer rejecting its previous proposals.
In February, Debenhams announced plans to begin a CVA process which would see the closure of 20 stores, as the company planned to reduce its store portfolio to 90 outlets over the next five years.
