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arrangement and exit fees of about 5 per cent, the new facility carries an annual interest rate of 12 per cent — four times the rate on the company’s existing bank loans.

lol debs he would get for 5p.

great spot

no details of how this is being refinanced

that's a deb date

we don't know what the offer price will be of course. the trend with sports direct is that they do tend to make an offer once they go near 30%

I think theyd be silly to say no

Wipe out
Debenhams is expected to continue to favour either a debt-for-equity swap or a pre-pack administration - an insolvency procedure in which a firm arranges to sell its assets to a buyer before appointing administrators to facilitate the sale.
Both options would lead to existing investors losing their holdings in the company.
Sports Direct is the biggest Debenhams shareholder, with a 29.7% stake. Brandes Investment Partners, Odey Asset Management and retail conglomerate Landmark Group are also significant shareholders.
A company voluntary arrangement (CVA) to speed up store closures and rent reductions could also be part of the plans, or come at a later stage.

The billionaire owns a 30 per cent stake in the department store chain through his Sports Direct firm but that will likely be wiped out as Debenhams got the green light to push ahead with a £200m deal with lenders.
A majority of bondholders approved the board’s bid to borrow the sum from lenders including Barclays and Bank of Ireland despite it risking shareholders’ stakes being reduced to nothing.
Ashley issued a blistering statement this morning, 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.”
Debenhams shares sank yesterday as it appeared the retailer could now fall into the hands of its lenders, hitting a fractional 2.09p.

just go on google. lol. its in all the papers

im just waiting for the GMD offer, anyone with any experience here would know AFREN, similar bond problem and financing issues. didn't end well for shareholders

I think a potential bid here must be close cuz mike is getting pissed off with DEB board now.

GMD wont say no to a bid offer from MA

see him offering higher, hope people here don't lose their money - just my opinion,

Mike Ashley has lashed out at advisers to department store Debenhams after the billionaire's takeover approach hit the rocks, and he stands to see his holdings wiped out in a restructure.
Debenhams won approval from some of its lenders for a plan that deals with £200million of its debt and means existing shareholders - including Ashley's Sports Direct - could see their holding's wiped out. The Newcastle FC owner released a statement early on Friday morning, 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' revolving credit facility, I think that, if there were any justice in the world, the majority of the advisers would be put in prison." Debenhams has consistently resisted overtures from the billionaire.

Sports Direct's Mike Ashely says most Debenhams advisers should be "in prison"

mikes pissed off and in the news today

is this share currently suspended?

sounds like they've had a bust up with gary nel from the comment about problems at geocurve. Expecting a big buying op here

this wont end well - just my opinion. I have no position

sports direct might takeout Game Digital GMD?