{"id":161226,"date":"2019-04-09T07:08:17","date_gmt":"2019-04-09T07:08:17","guid":{"rendered":"https:\/\/www.theindustry.fashion\/mike-ashley-weighs-in-with-desperate-rescue-offer-for-debenhams\/"},"modified":"2021-08-12T13:55:49","modified_gmt":"2021-08-12T13:55:49","slug":"mike-ashley-weighs-in-with-desperate-rescue-offer-for-debenhams","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/mike-ashley-weighs-in-with-desperate-rescue-offer-for-debenhams\/","title":{"rendered":"Mike Ashley weighs in with desperate rescue offer for Debenhams"},"content":{"rendered":"<p>Mike Ashley\u2019s <a href=\"https:\/\/www.theindustry.fashion\/intelligence\/sports-direct\">Sports Direct<\/a> has made <strong>a revised \u00a3200m rescue offer for <\/strong><a href=\"https:\/\/www.theindustry.fashion\/intelligence\/debenhams\">Debenhams<\/a>, delaying the department store\u2019s likely administration.<\/p>\n<p><!--more-->The offer involves <strong>underwriting a rights issue<\/strong> which would see existing investors buying newly issued shares and is an advance on an \u00a3150m plan tabled on Monday, which was rejected.<\/p>\n<p>Under Ashley\u2019s latest proposal, <strong>Debenhams\u2019 lenders would have to agree to write off \u00a382m<\/strong>\u00a0of its \u00a3720 million debt mountain, as well as install the tycoon as chief executive.<\/p>\n<p>Lenders to Debenhams said the latest proposal, on the terms set out, was \u201cnot sufficient\u201d.<\/p>\n<p>Debenhams said in a statement: \u201cThe board confirms that it received<strong> a revised, highly-conditional, proposal<\/strong> from Sports Direct in the early hours of 9 April, which indicated a willingness of Sports Direct to underwrite an equity issue of \u00a3200m.<\/p>\n<p>\u201cThe company\u2019s lenders have confirmed to the company that the proposal, on the terms set out, was n<strong>ot sufficient to justify an extension to the 8 April deadline.<\/strong><\/p>\n<p>\u201cThe company <strong>anticipates making a further announcement during the course of the day<\/strong> following further discussions with its lenders.\u201d<\/p>\n<p>Debenhams is now <strong>widely expected to fall into administration<\/strong> and the retailer\u2019s lenders seize control of the company in a move tipped to trigger store closures and job losses.<\/p>\n<p>Shareholders such as Ashley\u2019s Sports Direct, <strong>which holds a 30% stake, will see their investments wiped out.<\/strong><\/p>\n<p>The <strong>pre-pack administration undertaken by the struggling department store chain<\/strong> will see its debt reduced and comes ahead of a wider restructuring which will see around 50 stores close via a Company Voluntary Arrangement.<\/p>\n<p>It will also see a \u00a3200m refinancing plan, announced in March, go ahead.<\/p>\n<p>Ashley\u2019s <strong>attempts to take control of Debenhams had become increasingly desperate,<\/strong> and over the weekend the businessman demanded the board be investigated, two members to undergo lie detector tests and trading in its shares to be suspended.<\/p>\n<p>Sports Direct added on Tuesday that it is continuing to \u201cactively evaluate\u201d a conventional takeover, priced at 5p per share.<\/p>\n","protected":false},"excerpt":{"rendered":"<p> [&hellip;]<\/p>\n","protected":false},"author":11,"featured_media":133952,"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":[3514,11421,10836],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Mike Ashley weighs in with desperate rescue offer for Debenhams - TheIndustry.fashion<\/title>\n<meta name=\"description\" content=\"Mike Ashley\u2019s Sports Direct has made a revised \u00a3200m rescue offer for Debenhams, delaying the department store\u2019s likely administration. 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