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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Debenhams Plc       GB00B126KH97

DEBENHAMS PLC

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Sports Direct opposes any Debenhams plan that wipes out equity

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03/25/2019 | 04:13am EDT
A man arrives for Sports Direct AGM at their headquarters in Shirebrook

LONDON (Reuters) - British sportswear group Sports Direct said any restructuring option pursued by Debenhams that could result in no equity value for the department store group's shareholders "is not a workable solution".

Debenhams said on Friday it was seeking 200 million pounds of additional funds from lenders, allowing it to pursue restructuring options to secure its future. It said some options would wipe out shareholders.

Sports Direct, controlled by founder and Chief Executive Mike Ashley, is Debenhams' largest shareholder with a near 30 percent stake.

"If guidance as to what might represent a workable solution for Debenhams could result in no equity value for Debenhams' current shareholders, from Sports Direct's perspective and that of Debenhams' wider stakeholders, that is not a workable solution," Sports Direct said.

Sports Direct called on Debenhams to reconsider the offers of assistance it had made to the group, which included a 150 million pound loan and the purchase of Debenhams' Danish business Magasin Du Nord for 100 million pounds.

(Reporting by James Davey; Editing by Edmund Blair)

Stocks treated in this article : Debenhams Plc, Sports Direct International

Stocks mentioned in the article
ChangeLast1st jan.
JUST GROUP PLC -0.57% 42.22 Delayed Quote.-46.25%
NEXT PLC -2.02% 6008 Delayed Quote.-12.60%
SPORTS DIRECT INTERNATIONAL -0.31% 386.8 Delayed Quote.-15.39%
WILL GROUP, INC. -0.12% 808 End-of-day quote.-35.46%
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Managers
NameTitle
Mark Anthony Gifford Chairman
Nicola Kinnaird Independent Non-Executive Director
David Alexander Robertson Adams Independent Non-Executive Director
Stephen Sunnucks Director
Beatrice Madeleine Lafon Non-Executive Director