African Eagle Resources Share News (AFE)

(Sharecast News) - Debenhams has secured £200m of cash from its lenders but said it remained open to Sports Direct making a takeover offer or underwriting a rights issue or a loan of its own.The department store group revealed late on Friday morning that it had secured the money in two parts and plans to draw down the first facility of £101m on Friday and said the second facility could be accessed if 30% shareholder Sports Direct agrees a firm and binding offer for the company, following its suggested possible offer of 5p per share.Debenhams also offered another option for Sports Direct boss Mike Ashley to cancel his demand to install himself as CEO of Debenhams and instead sign a stabilisation agreement and committing to "either underwrite a rights issue by the company or provide funding by way of a subordinated debt instrument on terms agreed with the group's lenders and noteholders".Debenhams chairman Terry Duddy, who was appointed after Ashley had removed his predecessor Ian Cheshire in an AGM coup in January, said: "We are pleased to have agreed this comprehensive funding package which secures the future of the Debenhams business and provides reassurance for Debenhams' employees, pension holders, suppliers, lenders and other stakeholders."We have also preserved a route for our shareholders to participate in the future of the business, but this requires the support of our major shareholder."Duddy said the board would now move to the next phase of its restructuring, including reducing rents and reshaping the store portfolio.Earlier on Friday, following notification from Debenhams that it was continuing with its refinancing plans, Ashley let rip at the board and its advisers, with a statement saying: "Now the results of the vote are known and we have also been subsequently advised that the supportive HSBC are no longer part of Debenhams RCF [revolving credit facility], I think that if there were any justice in the world the majority of the advisors would be put in prison."Later, Sports Direct issued a more measured RNS announcement that noted the termination of the refinancing process was one of the pre-conditions to its proposed possible offer, and so it was "giving further consideration to Debenhams' announcement".