Debenhams has released refinancing proposals which will allow it to raise £200 million.
The retailer will also pursue restructuring options to "secure the future of the business".
Mike Ashley's Sports Direct has also offered to acquire Debenhams' Danish business Magasin Du Nord for £100m.
Under Sports Direct's proposal, Debenhams would have a 12-month option to buy back Magasin Du Nord at the price at which it was sold to Sports Direct.
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As part of the deal, Sports Direct has again proposed that Mr Ashley would become a director and the CEO of Debenhams to assist the firm through its restructuring process.
Royal Mail has appointed former British Airways boss Keith Williams to be its new permanent chairman as the group grapples with the fast-changing delivery market.
Mr Williams, who is currently deputy chairman of the group, will replace Les Owen on May 22, making him the third person to hold the position in the space of a year.
Mr Owen took on the role on a limited-term basis in September when former chairman Peter Long stepped down just months after shareholders revolted over the new chief executive's bumper pay packet.
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Senior independent director Orna Ni-Chionna said Mr Owen's interim leadership had helped the group address "significant challenges".
Smiths Group has revealed it will float its medical business on the stock market as part of plans to split the division off from the rest of the company.
The move follows an announcement in November in which the FTSE 100 firm said it would spin off its medical arm to allow the remaining business to grow as an industrial technology group.
According to further details released today, the whole process is expected to complete in the first half of 2020, with work currently under way to recruit a Smiths Medical chief executive.
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