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Mike Ashley voices anger after  Debenhams bondholders’ decision

Sports Direct chief executive Mike Ashley has hit out at advisors to the Debenhams department store chain after it confirmed that its bondholders have agreed to… View Article

DEPARTMENT STORES

Mike Ashley voices anger after Debenhams bondholders’ decision

Sports Direct chief executive Mike Ashley has hit out at advisors to the Debenhams department store chain after it confirmed that its bondholders have agreed to change the terms of some of their bonds to enable it to move a step closer to securing a £200 million loan from its existing lenders.

This could also pave the way for Debenhams to implement a range of radical restructuring options, some of which could result in no equity value for the company’s current shareholders.

Sports Direct holds almost a 30% stake in the business and is trying to take control.

In response to the news, Ashley said: “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 advisors would be put in prison.”

Earlier this week, Sports Direct said it was considering making a £61.4 million all cash offer for the Debenhams but that this was conditional on Ashley becoming chief executive.

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