Saks Global Secures $500m to Exit Chapter 11

Saks Global Enterprises entered into restructuring deal with key creditors that includes $500 million in exit financing as it works toward emerging from Chapter 11 this summer.

• Reached agreement with an ad hoc group of senior secured bondholders
• Expects to file plan of reorganization in coming weeks
• More than 650 brands have resumed shipments, restoring over 90% of expected fiscal first-quarter inventory
• March inventory receipts rose 18% y/y
• Saks Global targets double-digit adjusted Ebitda margins and sustainable growth post-restructuring

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Lin Cheng in New York ...