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Debenhams bondholders back restructuring

Debenhams bondholders back restructuring
FILE PHOTO: A new Debenhams department store is seen in a shopping centre in Watford, Britain, September 24, 2018. REUTERS/Peter Nicholls/File Photo   -   Copyright  Peter Nicholls(Reuters)
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LONDON (Reuters) – Debenhams, the ailing British department store group, said on Thursday bondholders had agreed to change the terms of some of their bonds so that the firm can secure new loans of up to 200 million pounds from existing lenders.

The group, which is trying to resist its biggest shareholder Sports Direct taking control of the group, said a majority of holders of 5.25 percent senior notes due 2021 had provided consent to the amendments sought to the existing notes.

“The requisite consent level has therefore been achieved,” Debenhams said.

(Reporting by James Davey; Editing by Mark Potter)

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