Debenhams holding company Celine group Holdings has brought in administrators from FRP Advisory to help it avoid paying overdue interest on £200m of bonds. This is the latest in a sorry number of manoeuvres orchestrated to ‘save’ Debenhams from the inevitable.
Debenhams Retail has, of course, been in a ‘light touch’ administration since April whilst a buyer is sought by Lazard. However, it is considered to be most unlikely that there will be any interest in what remains of the struggling department store chain.
Hilco is waiting in the wings to handle a widely expected liquidation process.
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