Debenhams said today it was in advanced talks with its lenders for additional loans of about £150m,.
This comes as the ailing department store chain looks to fend off retail tycoon Mike Ashley's bid to take charge of the company.
The announcement comes days after Ashley, one of Britain's most famous and unorthodox businessmen, said he was willing to take charge of Debenhams and would seek to remove most of the board and install himself in an executive role.
Ashley, the billionaire owner of Newcastle United soccer club, said he was willing to step down as CEO of Sports Direct if shareholders at Debenhams backed his proposals.
Debenhams said today that it would use £40m from the new loans to refinance a bridge facility of the same amount announced on February 12.
The company, struggling with net debt of almost £300m, had secured a £40m lifeline in February from some of its lenders for a period of 12 months that would act as a bridge to "facilitate a broader refinancing and recapitalisation".
