Mike Ashley thwarted after Debenhams agrees refinancing

Debenhams has stores in Blackpool and Preston
Debenhams has stores in Blackpool and Preston
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Debenhams has received approval from its bondholders to press ahead with a £200 million refinancing.

The department store chain said today that a majority have agreed to amendments to bonds due in 2021.

It will allow Debenhams to embark on a wider restructuring in an effort to secure the future of the business.

The move paves the way for the likely wipeout of existing shareholders, including Mike Ashley's Sports Direct.