Department store chain Neiman Marcus emerges from bankruptcy
Reuters
Published Sep 25, 2020 01:39PM ET
Updated Sep 25, 2020 02:40PM ET
(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.
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Written By: Reuters
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