Neiman Marcus reported to make progress in debt-restructuring

By Staff Writer / March 07, 2019 / www.idexonline.com / Article Link

Neiman Marcus Group Ltd. reported that it is in discussions with bondholders to extend its repayment deadline to 2023. In case an agreement is finalized, Neiman Marcus would be able to avert a possible default of $5 billion of debt that would be due for payment during the coming two years.

As part of the agreement, the company offered bondholders a share in MyTheresa, Neiman Marcus' international e-commerce unit and promised to pay part of the company's outstanding loans. This structure, Neiman Marcus reported, was received favorably by most, but not all lenders and bondholders.

Marble Ridge Capital LP, a Neiman Marcus bondholder sued the company the transfer of MyTheresa equity, rejected the agreement and issued a statement saying that it doesn't believe the company will "obtain the approval necessary" to bring the agreement to fruition

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