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

Getting these Social Security benefit questions wrong could cost you

Caiaimage/Robert Daly | Getty ImagesChances are that deciding when to claim Social Security likely will be one of the biggest retirement choices you...

ECJ limits government spying on citizens’ mobile and internet data

David Goddard | Getty Images News | Getty Images LONDON — The top court in the European Union has delivered another blow to...

5 U.S. agencies have started telling employees they could get vaccine shots in 8 weeks

Vials of coronavirus disease (COVID-19) vaccine candidate BNT162b2 are sorted at a Pfizer facility in Puurs, Belgium in an undated still image from...

Facebook News rolls in UK as tech giants start paying for journalism

The logos of Facebook and Google apps displayed on a tablet.Denis Charlet | AFP via Getty ImagesLONDON — Facebook announced it will start...

Facebook Novi exec Kevin Weil leaves for a climate-change startup

Kevin Weil, VP of product at Facebook's Calibra, speaks on stage at the Web Summit technology conference in Lisbon, Portugal on November 5,...