Neiman Marcus Group Gets Court Approval for Reorganization Plan

The U.S. Bankruptcy Court for the Southern District of Texas, Houston Division issued a ruling confirming Neiman Marcus Group’s plan of reorganization.

• The move clears the way for the company’s emergence from chapter 11 proceedings with reduced debt load and new funding in a strengthened capital structure
• With this plan confirmation, the company intends to emerge by September 30
• Company expects to operate with a capital structure that will eliminate more than $4b of existing debt and $200m in interest expenses
• Certain institutional investors will fund a $750m exit financing package that would fully refinance the DIP and provide ...