Debenhams is poised to clinch £200m of urgent funding in a move that rebuffs a takeover attempt by Mike Ashley, the Sports Direct retail tycoon.
Bond investors in the department store group have agreed to changes to the terms of their notes that will allow the retailer to secure the refinancing and push on with a broader restructuring that could wipe out the shareholders.
It deals a blow to Sports Direct, which stands to lose heavily from a restructuring because it owns a stake of almost 30% in Debenhams.
