Member Info for devonplay

https://uk.reuters.com/article/us-debenhams-restructuring-ashley/ashley-piles-pressure-on-debenhams-ahead-of-lender-deadline-idUKKCN1RK0H4

If no solution can be found, Debenhams will fall into the hands of its lenders at the close of business of Monday. It will then likely be put into a so-called pre-pack administration which enables stores to keep operating while its lenders try to find a solution.

My understanding of this is (Rule 9) italso provides for a "whitewash and waiver" process.

So, it's possible the idea of them buying at the 12 month figure can evaporate. It would require a vote of shareholders.

Given the cap tables is biased in favour of bond holders, and the cost, of dealing with them any one buying 50% of the voting shares has to offer to buy the 5.25% senior notes. I guess trying to get a "whitewash & waiver" would make sense in those terms. As you'd want to buy the equity out at the lowest price possible and you might have to quickly move to bying the 225m of senior debt.