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Debenhams rejects Mike Ashley’s £150m proposal

Debenhams rejects Mike Ashley’s £150m proposal

Business
Debenhams has rejected a £150m proposal made by Sports Direct as Mike Ashley attempts to prevent the department store from falling into the hands of its lenders.The latest plan from Sports Direct International - first revealed by Sky News - offered to underwrite a £150m rights issuance for the department store chain in exchange for lenders agreeing to write off £148m of debt. Sports Direct, which owns 30% of the struggling chain, wants to install Mr Ashley as chief executive as it seeks either to refinance the business or take it over entirely.But relations between the two companies have descended into acrimony with Sports Direct suggesting that members of the Debenhams board take lie detector tests over a disputed meeting.Without a deal between the two sides by the end of Monday, the 340-