Saks Settles Fight With Simon Property, Cuts Deal With Creditors

Bankrupt luxury retailer Saks Global Enterprises settled a fight with landlord Simon Property Group and struck a separate deal with two main credit groups designed to help end the company’s insolvency case.

Both agreements will be put into final form and submitted to the judge overseeing the Chapter 11 case in the coming days, Saks attorney Debra Sinclair said during a court hearing Friday. The Simon dispute involved allegations of unpaid rent and a threat to close two key stores.

The deal with the official committee of unsecured creditors and a group of senior lenders should help resolve any major ...