Neiman Marcus Group completes Chapter 11 course of

2020/09 29 07:09


Neiman Marcus Holding Firm lately introduced it has emerged from voluntary Chapter 11 safety, finishing its restructuring course of and implementing the reorganisation plan that was confirmed by a US chapter court docket on September four. It has eradicated greater than $four billion of current debt and greater than $200 million of money curiosity expense yearly, with no near-term maturities.

The Neiman Marcus Group is a luxurious, multi-branded, omni-channel trend retailer conducting built-in retailer and on-line operations beneath the Neiman Marcus, Bergdorf Goodman, Neiman Marcus Final Name and Horchow model names.

“Our new house owners, which embrace PIMCO, Davidson Kempner Capital Administration and Sixth Avenue, perceive the worth of our manufacturers and the chance for progress,” said Geoffroy van Raemdonck, chief govt officer of the group in a press release.

The brand new house owners are funding a $750 million exit financing bundle that absolutely refinances the debtor-in-possession mortgage and offers vital extra liquidity for the enterprise.

The corporate has additionally secured a $125 million first-in last-out (FILO) credit score facility led by Pathlight, the proceeds of which refinance current debt and can present liquidity to assist its ongoing operations and strategic initiatives.

Fibre2Fashion Information Desk (DS)

Neiman Marcus Holding Co. has introduced rising from voluntary Chapter 11 safety, finishing its restructuring course of and implementing the reorganisation plan that was confirmed by a US chapter court docket. It has eradicated greater than $four billion of current debt and greater than $200 million of money curiosity expense yearly, with no near-term maturities.




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