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Saks Global expects to exit bankruptcy this summer after receiving $500M in financing
The parent company of luxury retailer Saks announced Thursday that it entered into a restructuring agreement with its capital partners who committed to provide $500 million in financing when the company emerges from bankruptcy.
Summary
The parent company of luxury retailer Saks announced Thursday that it entered into a restructuring agreement with its capital partners who committed to provide $500 million in financing when the company emerges from bankruptcy. Saks Global Enterprises filed for Chapter 11 bankruptcy protection in January after it missed a $100 million interest payment in December because the company was burdened with $3.4 billion in debt after its $2.7 billion acquisition of Neiman Marcus.
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