Wednesday, May 13, 2020

Neiman Marcus creditor calls for deal with Saks Fifth Avenue

Reuters
Hedge fund Mudrick Capital Management LP asked Neiman Marcus Group’s independent directors on Tuesday to explore a combination with rival department store chain Saks Fifth Avenue, challenging the company’s plan to reorganize under bankruptcy protection.

A lawyer for Mudrick, which holds portions of Neiman Marcus’s roughly $5 billion of debt, wrote in a letter to the directors that a sale or merger with Saks would result in better financial recoveries for creditors than the company’s current plan to restructure and hand control to senior lenders.. . . more

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