Debenhams Share News (DEB)

(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".