Mike Ashley's Sports Direct has confirmed that it has offered to underwrite a £150 million rights issue for Debenhams.
It would form part of a "comprehensive refinancing" of the department store chain and would see Mr Ashley appointed as Debenhams CEO and would be contingent on the retailer's lenders agreeing to write off £148m of debt.
The billionaire tycoon also said Sports Direct is still giving "active consideration" to a conventional takeover of the high-street firm.
READ MORE: Debenhams releases refinancing proposals for £200m
Sports Direct said: "Whilst Sports Direct continues to actively evaluate all possible options to support Debenhams, it wishes to clarify that, as a technical matter, were it to complete, the equity issuance would be an alternative transaction to the possible offer and vice versa."
Debenhams shares were up over 12% in morning trade at 2.3p.
Social media companies will be legally required to protect their users, with senior management held personally liable if they do not comply with new rules around harmful content, according to a long-awaited Government white paper.
The joint proposal on online harms from the Home Office and the Department for Digital, Culture, Media and Sport (DCMS) says a regulator will be appointed to ensure internet firms meet their responsibilities, which will be outlined in a mandatory duty of care.
The duty of care will require firms to take more responsibility for the safety of users and more actively tackle the harm caused by content or activity on their platforms.
READ MORE: Tulloch Homes highlights potential of Inverness market
The regulator will have the power to issue "substantial fines, block access to sites and potentially impose liability on individual members of senior management", the proposal says.
Emma Bunton has raised hundreds of thousands of pounds for her ethical baby business, in a funding round which attracted offers for double the target amount.
The Spice Girls singer's company, Kit & Kin, gained the support of new backers after launching the bid on online platform Angel Investment Network (AIN).
It became the fastest ever raise in AIN's history, achieving an initial target of £420,000 in one week.
Ed Stephens, global head of brokerage at AIN, said it would usually take six weeks to raise a similar amount.
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