Neiman Marcus’ secondary levels dip amid pushback from creditors

Dec 24, 2018 · News business : Secondary trading prices on the luxury retailer’s loan and bond dipped this week as it faces creditors that are pushing back on a potential agreement to …

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Luxury Retailer Neiman Marcus Files For Bankruptcy After …

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The retailer's largest creditors have committed $675 million in Debtor-in-possession (DIP) financing during the bankruptcy proceedings. These creditors have additionally committed to a …

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Neiman Marcus Group Enters Into A

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May 7, 2020 · Neiman Marcus Group has secured debtor-in-possession ("DIP") financing of $675 million from creditors to enable business continuity throughout proceedings. Geoffroy van …

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Neiman Marcus Group Enters Into A Restructuring Support …

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May 7, 2020 · As part of the process, Neiman Marcus Group has secured debtor-in-possession ("DIP") financing of $675 million from creditors to enable business continuity throughout …

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Loan Documents Deteriorate Further Following Neiman Marcus …

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Apr 24, 2019 · Similar to Neiman Marcus, the pet retailer had decided to move a 20% stake in Chewy.com to the parent company level and a further 16.5% to an unrestricted subsidiary, a …

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FAQs about Neiman Marcus’ secondary levels dip amid pushback from creditors Coupon?

Does Neiman Marcus have a high debt load?

Neiman Marcus has struggled with a high debt load since the first LBO in 2005, which has been magnified by the disruptive impact that online retailing has had on department stores. ...

Will Neiman Marcus reorganize under Chapter 11?

The debt and acquisition figured prominently in the May 7, 2020 bankruptcy filing in which the company sought to reorganize under Chapter 11 with the backing of most creditors. The iconic Neiman Marcus department store was established in 1907 in Dallas. ...

Will Neiman Marcus face a haircut in a Chapter 7 liquidation?

The recovery ratio applied to Neiman Marcus’ inventory is higher than expected recovery ratios across the broader apparel industry since much of Neiman’s inventory is designer goods. Nonetheless, the analysis implies creditors would face a significant haircut in a Chapter 7 liquidation scenario. ...

Why did Neiman Marcus go bankrupt?

When Neiman Marcus filed for bankruptcy protection in May it felt like an American tragedy. The closure of the 113-year-old luxury department store chain had been triggered by lockdowns to control the coronavirus pandemic, leaving its 14,000 workers on furlough. ...

Does Neiman Marcus have a valuation opinion?

At the time the distribution occurred, Neiman Marcus put forth an enterprise valuation of $7 billion and relied upon the opinion of two national law firms that it was within its rights to execute the transaction. Since filing, the PE owners have commissioned one or more valuation experts whose opinion has not been disclosed. ...

Will Neiman Marcus' 'MyTheresa' case derail a bankruptcy?

At a court hearing in Houston in late May, Marble Ridge argued for an independent investigation into the MyTheresa transaction. But few expected anything to derail an efficient bankruptcy as Neiman Marcus was racing to avoid a liquidation. And Mr Kamensky did not have the full backing of other creditors. ...