Neiman Marcus Nears Bankruptcy Deal in Pimco-Led Takeover (1)

Neiman Marcus Group Inc. is closing in on a deal with lenders led by Pacific Investment Management Co. that would slash the department-store chain’s debt load by more than half in exchange for control of the company, according to people with knowledge of the matter.

The plan would be part of a bankruptcy court filing that could come as soon as this week, the people said. Lenders including Pimco, Davidson Kempner Capital Management and Sixth Street Partners would provide the company with more than $600 million to stay in business during the court process, said the people, who asked not ...