Business Irish

Monday 23 January 2017

Debenhams set to emerge from Examinership

Published 27/07/2016 | 02:30

Debenhams is set to emerge from Examinership
Debenhams is set to emerge from Examinership

Department store operator Debenhams Retail Ireland Limited (DRIL) is understood to have largely resolved differences with landlords, clearing the way for the business to emerge from Examinership unopposed.

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The standard 100-day Examinership period has been extended for DRIL by the High Court by 30 days until August 19, giving Examiner Kieran Wallace time to secure a rescue package for the company.

Debenhams' UK parent is the preferred bidder to buy the business in Ireland back out of insolvency, having seen off competition from UK billionaire Mike Ashley, the only other serious contender for the chain's Irish arm, the Irish Independent understands.

Last May, DRIL applied for court protection for 11 of its stores.

As part of its survival scheme, DRIL sought to repudiate six leases. It faced opposition from landlords including the Nama-supported owner of its Tallaght store, an investor called Laseda, which claimed in court proceedings that Debenhams Plc had "contrived" to place DRIL into Examinership.

That dispute was resolved, and it's understood that agreement is now in place covering all 11 leases.

Irish Independent

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