Debenhams has cleared a hurdle in its attempt to push through a crucial restructuring plan, dealing a blow to a potential bid for the struggling retailer by Sports Direct chief executive Mike Ashley.
The department store chain said it had secured the support of a majority of its bondholders for a series of technical changes that help clear the way for a 200m refinancing. The approval puts Debenhams in a position to confirm the new funding in the coming days and move to pursue restructuring options to secure the future of the business.
The announcement will come as a disappointment to Mr Ashley and Sports Direct, which already owns a 29 per cent stake in Debenhams and on Wednesday said it wasconsidering making a 61m offer for the grou…
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