Miscellaneous - Casino, Debenhams

All, 
Casino today are out with results that look broadly positive. Conf. call ongoing. However the devil will be in the detail, as the consolidated numbers are not an accurate reflection of the fortunes of the underlying business.
Further disposals are planned, but so much is to be expected, given that without such further disposal the company will run out of liquidity in the coming 1.5 years. 

And Mr. Ashley does double down (see our recent post). Sports direct are offering a 12 month £ 150m unsecured loan to Debenhams and management have acknowledged receipt of the offer. Given the public information only on which the offer is based, the offer is remarkable, as it would rank p.p. with (not even sr. to) the bonds. The rcf/bonds would have to accept the dilution in return for not supplying fresh cash and presumably converting for equity (diluting Mr. Ashley). 

Wolfgang