Saks Global Enterprises LLC won conditional approval to circulate its proposed financial restructuring plan to creditors, aiming to return to bankruptcy court in early June for final plan approval.
Judge Alfredo R. Perez of the US Bankruptcy Court for the Southern District of Texas on Friday approved the informational disclosures for the luxury retailer’s proposed Chapter 11 plan, which would slash the company’s $3.4 billion debt load and provide it with $500 million in new liquidity upon exiting bankruptcy.
A proposed plan confirmation hearing is tentatively scheduled for June 5.
The company, which includes Saks Fifth Avenue, Neiman Marcus, and ...
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