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Final Docuement is available now. Court case (Frazer Group) won't proceed if they didn't provide new evidence a week ago. I can't find anything suggesting they did, so it's very likely it's all over today.
Final Gazette dissolved following liquidation
(This document is being processed and will be available in 5 days.)
Dissolution date set for 02 July, I believe, after that day there can be no hope.
You never know, Big Mike may rescue everyone in the next few days! I'm sure he's working hard an behalf of the old Debenhams shareholders.....
Guys, just get over it. you will Never get your money back. Not even Big Mike is getting his,
So, stop whinning, put it down to experience, and move on.
Get over it, the money is lost,I lost money on Debenhams so did a lot of people,if you can't afford to lose do invest gamble on stockmarket
Maybe you shouldn't of put all your money in this one company, stockmarket trading is investing and to some extent gambling
i don't think it is fair that my shares are gone, lost all my money, yet, Debenhams can still be on the high street like nothing has happened.
@Pearl This is a good example of what I mean;
Travelodge - https://www.travelodge.co.uk/sites/default/files/Project_Athena_CVA_Launch_Announcement.pdf
The important bit for holders of the senior unsecured floating debt;
"The CVA does not seek to compromise the claims of other creditors, including, without
limitation, secured creditors (including lenders under the Group’s revolving credit facility and holders of TVL
Finance plc’s senior secured floating rate notes due 2025)"
So you get to have a working approach to Admin/CVA's as, unlike shareholders, you often come out the otherside.
Stressed, but intact. At least for longer anyway.
Holders of AMC's debt, me included, are being offered a 50% haircut, but with enhanced yield and extended terms.
Shareholder provide first line of loss and risk capital (as Debenhams ) show ( I have no expectations of being paid in July by Debenhams, but there's still a chance).
I haven't checked, but I'm sure AMC's shareholder have suffered more , but without the benefit of the 12% yield and theoretical enhanced security.
Time will tell on AMC, Debenhams and Travelodge. But with all of them I've been happy to take a punt on their high yield debt, but wouldn't touch their equity with a barge pole. Beaten up, on deaths door, but still capable of offering income and capital in the future.
Devon, thanks for your comments - very useful.
I think few on these boards understand liquidation / dissolution / insolvency / bankruptcy that well so it is refreshing to read your comments.
"The judge said the appointment of any "provisional liquidator" was not urgent as there was no evidence to suggest that Debenhams' assets or documents needed to be secured because they were in any danger."
- it looks as if Frasers Group have tried to petition for a liquidation process as creditors...if that's the case, it won't have an impact on the shareholders of Debenhams PLC.
It just means the Fraser Group can pursue an agenda to have Debenhams (as owned by Celine) move to a liquidation footing and make it a target.
It's just a rehash of the case they lost early in the year with a new strategy. But, as times had passed, and the business has been impacted by covid, then it's an even less valuable vehicle.
A less speculative piece.
"Debenhams says it has negotiated a deal with landlords allowing it to reopen most stores in June but admits some jobs will be lost as it grapples with administration."
-This is the protective Administartion the new owners of Debenhams applied for. I think the term they used was " admin lite" from memory.
Not the process of dissolution Debenhams PLC is in.
" despite the commonly held view" it's not a "commonly held view" the company, Debenhams PLC, is in the hands of FTI Consulting (Administrator) and they have issued a AM23 "Notice of move from administration to dissolution".They've also said there's little chance of a payment to shareholders of Debenhams PLC.
Sports Direct aren't shareholders of Celine Group Holdings Limited, the present owners of the Debenhams stores.
I wouldn't get excited about it ~
Debenhams debt now trades at a YTM of 500%. That suggests the market put's little expecation of them surving. If they did collapse, holders of any senior secured or senior unsecured debt would be way ahead of the Shareholders of Debenhams PLC (that is heading towards dissolution) . Given that yield on the debt, it's gone way beyond "Junk", the market believe there's little chance of recovering any of the outstanding value/indentures. What equity value, if any, would be very little indeed. No one is going to turn the clock back and get re-instated at anywhere near the value the business left the listed market. Even if there was a tiny possibility of that happening.
There's always hope, but it has to be tempered with a dose of reality. Most likely SPD are still smarting at losing the court case and sense blood in the wate. You don't have to go far to see how stressed retail is at the moment.
From today's SKY News Report:
Businessman and Newcastle United owner Mike Ashley has failed in a bid to trigger an investigation into the financial affairs of struggling department store chain Debenhams.
Lawyers representing Mr Ashley's Frasers Group, which owns nearly a third of Debenhams' shares, asked a judge to appoint a "provisional liquidator" to begin inquiries.
But Judge Mark Mullen, who considered the application at a remote hearing in the specialist Insolvency and Companies Court on Wednesday, refused.
The judge said neither other Debenhams' shareholders nor creditors were aware of the application.
He indicated that he would reconsider the issue at another hearing in the near future, but said he wanted the application to be "known about".
Presumably there are assets worth fighting over despite the commonly held view that the company had collapsed amidst enormous debts? Seems a bit odd but if he gets any sort of return, so should other shareholders. Can anyone advise if there are still straws to clutch on this one?
Thanks Devonplay, much appreciated. Cheers
Although the company isn't listed any longer it's still in existence (for the moment), but is in the process of Dissolution.
As per this notice from the Administrator (from 17 March);
So, it won't be in your account for ever. The process just takes time. Debenhams PLC still exist, isn't tradeable, but will be dissolved in the near future. It's very very unlikely there will be any different outcome. As it's still a legal entity, you are still a shareholder for the time being.
I had 250k worth of shares in deb b4 everything tits up! But to my surprise, my stockbroker still keep in my ISA stocks and shares account. The most surprising thing is that they are now transferring it in addition to my other shares into my IG ISA stocks and shares account. I don't understand that, can anyone please help
thanks for that link SILVER''
just goes to show what robbers they are, there fat friends bond holders with billions get 100% back
but suppliers and there small shareholders are ask to except nothing...
one of these days we will get justice, and they all get infected with COVID 19
and get taken out of society one by one for there crime... if nothing else...
all data held by the shareregistrar having been destroyed.
they can run but they can't hide, god see and knows...
and we have all the time in the world...
IF COVID 19 don't get them first.... the past will...
1.4 During the period the Joint Administrators have concluded matters that remained outstanding at the time of drafting the Company’s previous progress report, namely:
Recovering funds held by the Company’s share registrar in relation to unclaimed shareholder dividends into the Administration estate. Work undertaken withthe share registrar also included a large extraction of Company data from their records, whichis now held by the Company, with all data held by the shareregistrar having been destroyed.
All the best to everyone. Didn’t think I would be posting on this BB again.
And the Administrator's Final Report;
"The Debenham's we had shares in is long gone"
Here's the Notice of move from administration to dissolution for the listed equity;