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| Debenhams advisers 'should be jailed', says Ashley | Debenhams advisers 'should be jailed', says Ashley |
| (32 minutes later) | |
| Sports Direct's Mike Ashley has lashed out after Debenhams bondholders cleared the way for a restructuring which could see shareholders' stakes wiped out. | Sports Direct's Mike Ashley has lashed out after Debenhams bondholders cleared the way for a restructuring which could see shareholders' stakes wiped out. |
| "If there were any justice in the world the majority of the advisors would be put in prison," he said. | "If there were any justice in the world the majority of the advisors would be put in prison," he said. |
| Mr Ashley, who owns almost 30% of Debenhams, is vying to take control of the struggling department store chain. | Mr Ashley, who owns almost 30% of Debenhams, is vying to take control of the struggling department store chain. |
| He wants to install himself as boss and take control in exchange for providing Debenhams with a much-needed loan. | He wants to install himself as boss and take control in exchange for providing Debenhams with a much-needed loan. |
| But on Thursday, a majority of the chain's bondholders voted to change the terms of some of their bonds, moving Debenhams closer to a £200m refinancing. | But on Thursday, a majority of the chain's bondholders voted to change the terms of some of their bonds, moving Debenhams closer to a £200m refinancing. |
| "Now the results of the vote are known... I think that if there were any justice in the world the majority of the advisors would be put in prison," said Mr Ashley. | "Now the results of the vote are known... I think that if there were any justice in the world the majority of the advisors would be put in prison," said Mr Ashley. |
| Accountancy and audit firm KPMG, which has been advising Debenhams, declined to comment. | |
| Shares in Debenhams, which had surged on Wednesday after Debenhams said noted that Sports Direct was considering a £61.4m takeover offer, were down more than 25% at about 2p per share at the close of the markets on Thursday. | Shares in Debenhams, which had surged on Wednesday after Debenhams said noted that Sports Direct was considering a £61.4m takeover offer, were down more than 25% at about 2p per share at the close of the markets on Thursday. |
| Wipe out | Wipe out |
| Debenhams is expected to continue to favour either a debt-for-equity swap or a pre-pack administration - an insolvency procedure in which a firm arranges to sell its assets to a buyer before appointing administrators to facilitate the sale. | Debenhams is expected to continue to favour either a debt-for-equity swap or a pre-pack administration - an insolvency procedure in which a firm arranges to sell its assets to a buyer before appointing administrators to facilitate the sale. |
| Both options would lead to existing investors losing their holdings in the company. | Both options would lead to existing investors losing their holdings in the company. |
| Sports Direct is the biggest Debenhams shareholder, with a 29.7% stake. Brandes Investment Partners, Odey Asset Management and retail conglomerate Landmark Group are also significant shareholders. | Sports Direct is the biggest Debenhams shareholder, with a 29.7% stake. Brandes Investment Partners, Odey Asset Management and retail conglomerate Landmark Group are also significant shareholders. |
| A company voluntary arrangement (CVA) to speed up store closures and rent reductions could also be part of the plans, or come at a later stage. | A company voluntary arrangement (CVA) to speed up store closures and rent reductions could also be part of the plans, or come at a later stage. |