Mothercare’s refinancing package is undoubtedly expensive, but it is the price for extending the debt profile to allow the company more breathing space to manoeuvre. The debt is now controlled by a shareholder consortium which remains supportive of management, who recently increased their ‘skin in the game’. Pension trustees have also shown their support via an agreed contribution deferral. This is not a stock for ‘widows and orphans’; however, the promise of further agreements, like the recent ....