Neiman Marcus expects to emerge from bankruptcy by end of this month

Neiman Marcus expects to emerge from bankruptcy by end of this month

Neiman Marcus Group said on Friday it expected to emerge from Chapter 11 bankruptcy by the end of this month under a restructuring plan that is likely to eliminate more than US$4 billion of its debt.

The signage outside the Neiman Marcus store is seen in New York
FILE PHOTO: The signage outside the Neiman Marcus store is seen during the outbreak of the coronavirus disease (COVID-19) in New York City, U.S., April 19, 2020. REUTERS/Jeenah Moon

REUTERS: Neiman Marcus Group said on Friday it expected to emerge from Chapter 11 bankruptcy by the end of this month under a restructuring plan that is likely to eliminate more than US$4 billion of its debt.

The high-end retailer said certain institutional investors will fund a US$750 million exit financing package. (https://reut.rs/3lQGqFE)

(Reporting by Uday Sampath in Bengaluru; Editing by Maju Samuel)

Source: Reuters

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