Revealed: the rescue plan to save Debenhams
British parent to write off €42m debt and unsecured creditors to lose 95%
The British retail giant Debenhams is to write off more than €42 million that it is owed by its troubled Irish subsidiary as part of a rescue package designed to save the Irish wing of the business from liquidation.
The British parent company is also providing an unsecured three-year loan to fund a scheme of arrangement devised by Kieran Wallace, a KPMG accountant installed as examiner to the Irish operation in May.
The ...
