AMERICAS DISTRESS DAILY: Investors Tender 98% of Saks 2029 Note

Saks said thatinvestors holding about 98% principal amount of its 11% senior secured notes due in 2029 tendered their debt in an exchange offer by the Aug. 1 early deadline.

• The company will receive $100 million in gross proceeds from the sale of SPV Notes and have an additional $200 million in gross proceeds deposited in an escrow account subject to release upon certain conditions

In Other News:

• Schroders has writtenoff its stake in US commercial real estate lender A10 Capital, a firm that has financed over $5.6 billion in loans.
• Avant Gardner has filed for bankruptcy protection ...