Mike Ashley thwarted after Debenhams agrees refinancing
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.