Neiman Marcus expects to emerge from bankruptcy by end of September


A delivery of boxes is wheeled as shoppers walk towards Neiman Marcus at the King of Prussia Mall in King of Prussia, Pennsylvania, November 22, 2019.

Mark Makela | Reuters

Neiman Marcus Group said on Friday it expected to emerge from Chapter 11 bankruptcy by the end of this month under a restructuring plan that is likely to eliminate more than $4 billion of its debt.

The luxury department store chain filed for bankruptcy protection in May, in one of the highest-profile retail collapses during the Covid-19 pandemic.

The 113-year old company said certain institutional investors will fund a $750 million exit financing package that would fully refinance its debtor-in-possession loan and provide additional liquidity for its business.

The Bankruptcy Court for the Southern District of Texas, Houston Division, approved Neiman Marcus’ reorganization plan.

Clothing company J.Crew Group said last week it expects to emerge from bankruptcy in early September.



Source link

Discover

Sponsor

Latest

Alteryx, Iovance Biotherapeutics & more

A child wearing a face mask sits on the Charging Bull statue, also known as the Wall Street Bull, following the outbreak of...

A new study found that people who feel enthusiastic and cheerful—what psychologists call “positive affect”—are less likely to experience memory decline as they age...

The research work appears as follows:Hittner, E. F., Stephens, J. E., Turiano, N. A., Gerstorf, D., Lachman, M. E., & Haase, C. M....

2021 Audi A6 Sport debuts with added power and an appearance package

There’s a new 2021 Audi A6 Sport, but this is no special S or RS model. Instead, it’s an entry-level 45 TFSI with...

Delta plans to bring back 400 pilots, signaling optimism about future air travel

Pilots talk after exiting a Delta Airlines flight at the Ronald Reagan National Airport on July 22, 2020 in Arlington, Virginia.Michael A. McCoy...

Almost Half in U.S. Fear Surprise Medical Bills

By Steven Reinberg HealthDay Reporter ...