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Debenhams ploughs on with ?200m refinancing plan

Thu, 28th Mar 2019 09:20

(Sharecast News) - Debenhams said on Thursday that it had achieved the requisite level of consent from its bondholders to carry out the next stage of its refinancing plans, which it has warned could lead to shareholders being wiped out.The department store group, which made no comment about the previous day's possible offer of 5p per share from Sports Direct, said that a majority of holders of its 5.25% bonds due in 2021 have provided consent to the various amendments sought to the notes.So that it can negotiate a £200m loan and gain time to pursue a larger restructuring, Debenhams last week applied for consent to amend terms of existing notes, including permissions to allow the company arrange new money facilities from its existing lenders and bondholders, put in place inter-creditor arrangements and to grant collateral to support certain of the company's existing debt.Debenhams, which had net debt of £286m as of 5 January and a committed debt facility of £520m that expires next year, warned at the time that if some of its restructuring options materialise it "would result in no equity value for the company's current shareholders".
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19 Apr 2018 10:50

WINNERS & LOSERS SUMMARY: Ultra Electronics Slides On Corruption Probe

LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Thursday.----------FTSE 100 - up 4.2%. The advertising firm was enjoying a a

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19 Apr 2018 07:01

LONDON MARKET EARLY CALL: Stocks Called Higher As Commodities Surge

LONDON (Alliance News) - Stock prices in London are seen opening higher on Thursday, continuing gains made on Wednesday, as a falling pound helps overseas exposed stocks and a surge in commodity a

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29 Mar 2018 17:05

UPDATE 1-Britain's FTSE posts worst quarter since 2011

* FTSE 100 up 0.17 percent on the day * FTSE ends first quarter with 8.2 percent loss * GKN surges after Melrose bid acceptance (Adds closing prices) By Kit Rees and Julien 29

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29 Mar 2018 10:10

Britain's FTSE heads for worst quarter since 2011

(There will be no London-based FTSE report on Friday March 30 and Monday April 2 due to public holidays in the UK.) * FTSE 100 up 0.4 pct *

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21 Mar 2018 15:57

Irish consumer prices may rise by 3 percent in "hard Brexit"

DUBLIN, March 21 (Reuters) - Irish consumer prices might rise as much as 3.1 percent, or 1,360 euros per household, if Britain's exit a

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7 Mar 2018 01:18

PRESS DIGEST- British Business - March 7

March 7 - The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy. The Times - Plc

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2 Mar 2018 14:37

BUZZ-UK retail: analysts stress test the sector after brutal week

** The collapse of two high-profile British retailers and signs of stress at Carpetright made for a grim week for a sector battling with online competition and weak consumer spending ** R a

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28 Feb 2018 14:28

UPDATE 1-Tough UK retail market claims high street stores Toys R Us, Maplin

* Toys R Us, Maplin both enter administration * Maplin CEO blames external factors * Hedge funds betting against sector as others seek to restructure (Adds more sector context, Feb -

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16 Feb 2017 06:47

UK Companies Named And Shamed For Underpaying Workers

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22 Jan 2017 09:00

UK high street retailers race to keep up with online demand

By Kate Holton LONDON, Jan 22 (Reuters) - British fashion retailers will switch their spending firepower to technology from the high street in 2017 after online shopping became the key driver of sales growth over the all-important festive period. Marks & Spencer is investing in apps,

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13 Jan 2017 09:27

Friday broker round-up

(ShareCast News) - Tesco: Goldman Sachs reiterates Sell on target price of 150p. Ladbrokes Coral: Barclays starts coverage with Overweight (previously Rating Suspended) on target price of 160p. Premier Oil: Barclays upgrades to Equal Weight on target price of 100p. Randgold Resources: Berenberg up

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12 Jan 2017 10:14

UPDATE 1-Perfume, lingerie drive strong Christmas sales at Debenhams

(Adds CEO comment, analyst comment, share price) By Sarah Young LONDON, Jan 12 (Reuters) - Debenhams, Britain's No.2 department store chain, grew sales over its Christmas trading period, as customers bought more make-up, fragrances and lingerie, showing a strategy to shift away from f

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12 Jan 2017 08:09

Debenhams beats expectations for Christmas trading

(ShareCast News) - Debenhams reported better than expected Christmas trading, with like-for-like sales at the department store group strengthening into January and profit margins remaining in line with targets. Group LFL sales in the 18 weeks to 7 January, which represents the first quarter and a ha

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12 Jan 2017 07:30

Debenhams says sales rise 5 pct in 7-week Christmas period

LONDON, Jan 12 (Reuters) - Debenhams, Britain's No.2 department store chain, posted a 5 percent rise in like-for-like sales in the seven-week Christmas period, buoyed by a plan to sell more beauty and gift products rather than clothing. Debenhams said on Thursday that in the seven weeks to

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11 Jan 2017 08:48

UK department store House of Fraser reports 2.7 pct rise in sales

LONDON, Jan 11 (Reuters) - British department store House of Fraser on Wednesday reported a 2.7 percent rise in underlying sales over the Christmas period, helped by record trading in the last two weeks of December. House of Fraser also said that Black Friday sales rose 2.7 percent compared

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