The struggling department store chain plans to close the shops next year, affecting 1,200 staff.Read more
The store chain rejected two last-ditch takeover offers from Sports Direct.
Under Tuesday's deal, all stores will remain open for now, although some have been earmarked for closure.
Mr Ashley said politicians and regulators had been "as effective as a chocolate teapot".
He also called for the administration process to be reversed.
BBC Business News
Newcastle United owner Mike Ashley has made a revised £200m rescue offer forDebenhams, delaying the department store's prospective administration.
The billionaire Sports Direct boss had an offer to underwrite a £150m rights issue rejectedon Monday.
Lenders to Debenhams said the latest proposal, on the terms set out, including that Mr Ashley be made chief executive of the chain, was "not sufficient".