{"id":161085,"date":"2019-03-22T10:01:19","date_gmt":"2019-03-22T10:01:19","guid":{"rendered":"https:\/\/www.theindustry.fashion\/debenhams-confirms-plans-for-200m-refinancing-which-could-see-off-mike-ashley\/"},"modified":"2021-08-12T13:55:28","modified_gmt":"2021-08-12T13:55:28","slug":"debenhams-confirms-plans-for-200m-refinancing-which-could-see-off-mike-ashley","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/debenhams-confirms-plans-for-200m-refinancing-which-could-see-off-mike-ashley\/","title":{"rendered":"Debenhams confirms plans for \u00a3200m refinancing which could see off Mike Ashley"},"content":{"rendered":"<p>Debenhams is to seek \u00a3200m in new financing and pursue a restructuring plan in a move which<strong> could wipe out existing shareholders including Mike Ashley.<\/strong><\/p>\n<p>The department store chain has launched a consent solicitation for its lenders in a bid to secure up to \u00a3200m, a higher amount than previously thought.<\/p>\n<p><!--more-->If successful, it will also embark on a restructuring in an effort to<strong> \u201csecure the future of the business\u201d.<\/strong><\/p>\n<p>Some options for this would result in <strong>no equity value for the company\u2019s current shareholders.\u00a0<\/strong>Shares in the company dropped more than 60% to 1.05p in early trading on Friday.<\/p>\n<p>Current shareholders include Sports Direct boss Ashley, who owns just under 30%, and who has been trying to oust the Debenhams board and install himself in their place.<\/p>\n<p>On Thursday, <strong>Ashley reiterated his call for a shareholder vote on the proposal<\/strong>, which would see all directors except finance boss Rachel Osborne, kicked out.<\/p>\n<p>He <strong>already ousted former chairman Sir Ian Cheshire<\/strong> from the company in January by teaming up with fellow shareholder Landmark to vote against his re-election.<\/p>\n<p>Chief executive Sergio Bucher was also removed as a director but has remained in his post for the time being.<\/p>\n<p>Ashley had also offered Debenhams a loan, which it said would be considered.<\/p>\n<p>Debenhams said last week that it was in talks with lenders to secure a new loan, part of which will pay down a bridging loan that it announced in February.<\/p>\n","protected":false},"excerpt":{"rendered":"<p> [&hellip;]<\/p>\n","protected":false},"author":42,"featured_media":133714,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[10585,6,10494],"tags":[3514,11421,11405],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - 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