Neiman Marcus Group Emerges From Chapter 11 Protection

Neiman Marcus Holding Co. Inc. said it has emerged from voluntary Chapter 11 protection, successfully completing its restructuring process and implementing the plan of reorganization.

• The company is now operating with a strengthened capital structure that eliminated more than $4 billion of existing debt and more than $200 million of cash interest expense annually, with no near-term maturities
• The new owners are funding a $750 million exit financing package that fully refinances the debtor-in-possession loan and provides significant additional liquidity for the business
• The company has also secured a $125 million FILO facility led by Pathlight, the proceeds of which ...