Mike Ashley has hit out at Debenhams advisors after the department store chain confirmed that its bondholders would change the terms of some of their bonds to allow it to move a step closer to securing a £200 million loan from its existing lenders.
This could mean that Debenhams will implement a range of restructuring options, some of which could result in no equity value for the company’s current shareholders.
In response to the news, Ashley said: “Now the results of the vote are known and we have also been subsequently advised that the supportive HSBC are no longer part of Debenhams’ revolving credit facility, I think that if there were any justice in the world, the majority of the advisors would be put in prison.”
This comes after Sports Direct said earlier in the week that it was considering a £61.4 million all cash offer for Debenhams, but the offer was conditional on Ashley becoming chief executive.
Sports Direct already holds a near 30% stake in the business.
