Mike Ashley has lashed out at advisers to department store Debenhams after the billionaire's takeover approach hit the rocks, and he stands to see his holdings wiped out in a restructure.
Debenhams won approval from some of its lenders for a plan that deals with £200million of its debt and means existing shareholders - including Ashley's Sports Direct - could see their holding's wiped out.
It's safe to say Ashley is unimpressed.
The Newcastle FC owner released a statement early on Friday morning, saying: "Now the results of the vote are known and we have also been subsequently advised that the supportive HSBC are no longer part of Debenhams' revolving credit facility, I think that, if there were any justice in the world, the majority of the advisers would be put in prison."
Debenhams £200m deal to save itself from debt and be rid of Mike Ashley
The department store said on Thursday it has won consent from the majority of its bondholders, meaning it can go ahead with a restructuring plan to "secure the future of the business".
Debenhams is now expected to look at a range of options including a debt-for-equity swap or a pre-pack administration, with the latter expected to be more likely as it does not require shareholder approval.
But either scheme would wipe out existing shareholders along with dealing with the outstanding debts.
Current shareholders include Sports Direct, which controls just under 30% of the store. Sports Direct launched a rival plan to take control and install Ashely as chief executive.
The plan would see Sports Direct acquire the shares it doesn't already own for about 5p each.
FTI Consulting has been working with lenders to Debenhams, while KPMG has been advising the retailer itself.
Only on Wednesday, Ashley, through Sports Direct, said he was considering tabling an offer for Debenhams which would value it at £61.4 million.
But Debenhams has consistently resisted overtures from the billionaire.
