Debenhams is racing to secure a fresh capital injection of £110m, putting rebel shareholder Mike Ashley under pressure if he wants to seize control of the chain.
The department store chain, whose future has been in doubt as credit insurers pull cover for suppliers and its share price plunges, grasped a £40m lifeline from banks and bondholders last month, giving it time to work on a deeper refinancing of its debts of more than £500m.
The company — whose shares have dropped to 3.5p, valuing it at just £43m — is now understood to be weeks away from a deal with its lenders for a further £110m.
