Debenhams: the saga continues

All,

Debenhams:  have launched a consent solicitation for the staggering sum of up to £200m new money facilities. The deadline is 28th of March. And if accepted, the company will launch a D/E swap and dilute/squeeze out pesky Mr. Ashley. Meanwhile, he has - via Sports Direct - offered to buy only the Danish business, to inject capital into the business and effectively hold security - and avoid Dilution. The deal would give Debenhams the right to re-purchase the business within 12 months.

Wolfgang