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Debenhams asks lenders for £200m

Debenhams has asked its existing lenders for a £200m cash injection.

The retailer has launched a ”consent solicitation for holders of Debenhams 5.25% senior notes due 2021”. 

Lenders have until 5pm on 28 March to approve the deal.

Debenhams said this would allow it to enter into new funding facilities and give it the ability to pursue restructuring options to secure its future.

However, it added that some of the changes would result in no equity value for the company’s current shareholders.

Debenhams announced in March that it was in advanced negotiations to secure a £150m lifeline from its existing lenders, after receiving an initial cash injection of £40m in February.

However, just days later, Mike Ashley’s Sports Direct offered Debenhams a £150m interest-free loan in exchange for 5% stake in the company, as part of a takeover bid.

Readers' comments (1)

  • Any money thrown at Debenhams will not achieve anything. Give it to a donkey sanctuary or another worthy cause.

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