EconomyEditor's PickNewsDepartment store chain Neiman Marcus emerges from bankruptcy

2 years ago564 min
imageStock Markets25 minutes ago (Sep 25, 2020 02:40PM ET)


(C) Reuters. FILE PHOTO: The spread of the coronavirus disease (COVID-19) in Pennsylvania


(Reuters) – Neiman Marcus Holding Co said on Friday it has completed its Chapter 11 bankruptcy protection process, emerging from one of the highest-profile retail collapses during the COVID-19 pandemic.

Its restructuring plan eliminated more than $4 billion of debt and $200 million of annual interest expense.

The luxury department store chain said it had a new board of directors, including former LVMH (PA:LVMH) North America Chairman Pauline Brown and former eBay Inc (O:EBAY) Chief Strategy Officer Kris Miller.

Geoffroy van Raemdonck will continue to serve as chief Executive Officer of Neiman Marcus Group, which had filed for bankruptcy protection in May.

The 113-year-old company’s new owners, which include PIMCO, Davidson Kempner Capital Management and Sixth Street Partners LLC are funding a $750 million exit financing package that fully refinances its debtor-in-possession loan.

Department store chain Neiman Marcus emerges from bankruptcy

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