Neiman Marcus Files Chapter 11 Plan in Line With Earlier Deal

June 8, 2020, 8:25 PM

Neiman Marcus Group Ltd. LLC filed its Chapter 11 plan and company disclosures with a bankruptcy court in Houston, keeping the company on track to emerge from bankruptcy by the fall.

The plan and disclosures that Neiman Marcus and several affiliates filed June 6 lays out the details of the restructuring agreement it announced when it filed for bankruptcy in May.

The Dallas-based luxury retailer had about $5.5 billion in debt when it filed for Chapter 11 protection with the U.S. Bankruptcy Court for the Southern District of Texas. The company is restructuring with the help of a $675 million bankruptcy loan from a group of the company’s pre-petition lenders.

The court scheduled a hearing to consider the disclosure statement July 8. The company needs court approval of its disclosures before creditors can vote on the plan.

The case is Neiman Marcus Grp. Ltd. LLC, Bankr. S.D. Tex., No. 20-32519, Plan filed 6/6/20.

To contact the reporter on this story: Leslie A. Pappas in Wilmington, Del. at lpappas@bloomberglaw.com

To contact the editors responsible for this story: Seth Stern at sstern@bloomberglaw.com; Laura D. Francis at lfrancis@bloomberglaw.com

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