Debenhams Live Discussion

devonplay 30 May 2019

To All Known Creditors & Shareholders I own the “Notes”. I’m around 11% down. I always planned to hold them to redemption (if that ever happens). They appear to be still trading at -60% to the issue/redemption price. It’s certainly high yield (junk), but I’m happy to make a small punt. The next payment date on the Notes is 15 July, and the last comments, besides the above, from the Joint Administrators, 9 April: It is anticipated that the Transaction will have limited impact upon holders of the Debenhams plc £225m 5.25% Notes due 2021(ISIN: XS1081972850; Common Code: 108197285) (the “Notes”). This is because: -as a result of the recent consent solicitation, the appointment of administrators does not trigger an event of default so the Notes cannot be accelerated as a result of such appointment; -it is intended that Debenhams Retail Limited, part of the Group, will be substituted in place of the Company as issuer in respect of the Notes in due course; -the Notes are guaranteed by a number of the Company’s subsidiaries and these guarantees will remain in place under the Group’s new ownership; -as stated above, Newco has acceded to the Notes as an additional subsidiary guarantor, and -if the Company is replaced as issuer (as referred to above) it will in any event continue to be a guarantor of the Notes. Certainly not one for widows and orphans. DL

Armageddon 30 May 2019

To All Known Creditors & Shareholders Was a punt on no admin like this. Was pretty sure Spd knew the score. Goes to show, no sure thing

Armageddon 30 May 2019

To All Known Creditors & Shareholders They suckered me for £5000. Not much but still… Get it back elsewhere. All we can do

devonplay 30 May 2019

To All Known Creditors & Shareholders Latest update from Joint Administrators of the Company, 28 May 2019. fticonsulting-emea.com joint-administrators-proposals-28-may-2019.pdf 1452.57 KB 1.3 We summarise below the key messages to the Company’s stakeholders: Unsecured Creditors RCF: The Company has £320m of principal unsecured RCF liabilities. No return to the RCF creditors is currently anticipated from the Administration. However, the Transaction preserved the possibility of the future repayment of the RCF liabilities by Group entities from future trading and other corporate activities. No repayment of the RCF liabilities by Group entities has taken place since the Administration. Notes: The Company has £200m of principal unsecured liabilities in respect of 5.25% Notes due 2021 which are listed on the Irish Stock Exchange. No return to the holders of the Notes is currently anticipated from the Administration of the Company. However, as with the RCF, the Transaction preserved the possibility of the future repayment of the Notes by Group entities from future trading and other corporate activities Other unsecured creditors: Certain other creditors have unsecured claims against the Company. No return to other unsecured creditors is currently anticipated from the Administration of the Company. Shareholders: Given the shortfall to the Company’s unsecured creditors, no returns will be available to the Company’s shareholders. DL

devonplay 18 Apr 2019

Debenhams CEO Bucher quits after lenders take control LONDON (Reuters) - Debenhams said on Thursday its chief executive Sergio Bucher had decided to step down, nine days after the ailing British department store group’s lenders took control. The group’s non-executive chairman Terry Duddy will assume the role of interim executive chairman until a permanent replacement is found, the company said. Bucher, a former Amazon executive who joined Debenhams in October 2016, said that with new financing facilities in place it was time to move on. Administrators were appointed to the group, which had been hit by a sharp slowdown in sales, high rents and ballooning debt on April 9. DL

devonplay 15 Apr 2019

Last man standing? So, it looks like they are bringing in a turn-around-guy and planning to run the business for the medium term. Unless someone stumps up in excess of 800m. I’d still like that to be SPD. That would be a great opportunity to earn off SPD again. Over to Mike, the private investor’s champion. DL

Ripley94 11 Apr 2019

Last man standing? DEB… XXXXX At least my loss was tempered by surprise news from my old Pace shares same day 9th . Arriss International who had bought Pace ( Nasdaq listed ) themselves bought out by Commspo $ 31.75 … they had been about $22 after earlier take over. Again Patiience wins out had them in ordinary since March 2010 and Isa May 2011. Only in Deb 4 months .

LifeInPlastic 10 Apr 2019

Ashley's Fury A stonking rant from MA. I wonder if the board will let it slide. MA would probably love them to take action against him.

ValueSeeker8 09 Apr 2019

Ashley's Fury Nice argument! It just happened to serve the interests of the hedge funds which had been shorting DEB for yonks (possibly with inside info?). What a convenient coincidence!

UpTheHammers 09 Apr 2019

Ashley's Fury I’d say that we’re all doomed to lose whatever we had invested in this stock. Maybe there’s some long-winded legal case against the board on mis-management grounds but the argument will be that the decision was to protect the interests of the employees and pensioners.

ValueSeeker8 09 Apr 2019

Ashley's Fury Extract from sports direct RNS: Sports Direct will not stop in its quest to get to the bottom of this appallingly managed process and to find and hold to account those responsible for this final turn of events. This is a tragedy. There is no other way of putting it, especially when a long-term solution was there for the taking. _ _ Mike Ashley commented, "As normal, politicians and regulators fiddled whilst Rome burnt. These politicians and regulators have proven to be as effective as a chocolate teapot. I restate my call for the advisors to go to prison given their skulduggery in undermining shareholders and other stakeholders, such as employees and pensioners. _ _ Whilst these hedge funds look to close a significant number of stores and put thousands of people out of work, as politicians and regulators look on, I will go to the ends of the Earth to save as many Debenhams stores and jobs as I can, similar to the promise I made with regards to House of Fraser. While there may be some short term cost to Sports Direct and our shareholders, sometimes you have to do the right thing, something the board of Debenhams and the hedge funds have manifestly failed to do. _ _ I call on the authorities to reverse the administration process so that a full, better and appropriate solvent solution can be found. This solution would include allowing myself and appropriate senior Sports Direct management access to detailed information to save the business for all stakeholders. The board of Debenhams and its advisers have sought to stifle and exclude us from their so-called process and have undermined and blocked our various offers of assistance as they carried out their underhand plan to steal from shareholders." The question is, Is there any justice in the capitalist world?

LifeInPlastic 09 Apr 2019

Ashley's Fury Here’s the link: [link]

LifeInPlastic 09 Apr 2019

Ashley's Fury Just read the statement put out by Sports Direct. He’s gone the full 9 yards. Will be interesting to see if/how he follows up his words.

devonplay 09 Apr 2019

Last man standing? I doubt if that will happen without the debt issue being dealt with. That’s been the issue through out the process. Guarantees around the existing outstanding debt. It’s more likely they’ll try to run the business to repay the 5.25% et al up till it’s redemption date of 2021. Unless an offer comes in with security attatched. Either way shareholders, existing, will be gone potentially tomorrow. If you look at Sports Direct last offer, and the cost of buying the equity (now redundant), the shortfall is much reduced. So, it’s possible an offer might go ahead from them, but that wont offer any comfort to existing holders, but might secure the existingdebt holder and allow Sports Direct to buy them out after a cheaper debt raise of it’s own. DL

LifeInPlastic 09 Apr 2019

Last man standing? I read they are looking to sell the chain asap. I’d be surprised if they could do that and recoup all their loans