Bondholders rejected Mike Ashley's plan to run Debenhams

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Debenhams bondholders rejected Mike Ashley's attempts to install himself as chief executive of the department store chain just days before the sportswear tycoon went public with his boardroom assault, The Telegraph understands.

The bondholders are crucial to the retailer's survival as they control its £300m debt pile, which must be refinanced in the coming months.

 

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