- Debenhams confirmed Monday that it was in 'advanced' negotiations with its current lenders to secure additional credit facilities of approximately £150m.

The company said that £40m of these facilities would refinance the £40m bridge facility announced on 12 February.

In February, the company agreed to extend its credit facility with Hong-Kong based Li & Fung. The facility contained provisions for a step-up in pricing during the second quarter, providing £40m of increased liquidity headroom and serve as a bridge to facilitate a broader refinancing and recapitalisation, the company said.

Debenhams is currently locked in a battle with Sports Direct boss Mike Ashley who recently made a move to seize control of the ailing retailer.

At 9:01am: [LON:DEB] Debenhams PLC share price was +0.02p at 3.55p

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