Saks Global Enterprises LLC was hit with several objections to its proposed bankruptcy plan, including a challenge from designer Louis Vuitton over outstanding contract defaults and a former CEO’s concern that the luxury retailer is stripping away his legal indemnity rights.
Saks’ former executive chairman and CEO Richard Baker said in a filing Monday that the US Bankruptcy Court for the Southern District of Texas should reject the company’s reorganization plan because it doesn’t include coverage for potential legal liability he bargained for in a separation agreement when the department store chain entered Chapter 11 in January.
“The terms of ...
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