Neiman Marcus Must Face Competing Bankruptcy Plan, Creditors Say

June 22, 2020, 2:03 PM

Neiman Marcus Group and Ares Corporate Opportunities should face a competing bankruptcy-exit plan that holds them responsible for any potential financial misdeeds involving the luxury retailer’s business, an official committee of creditors said in a court filing.

  • The committee, which includes long-time Neiman nemesis Marble Ridge Capital, plans to file an alternative proposal to bring Neiman’s business out of bankruptcy, according to the filing
    • The only major difference would be the creation of a so-called litigation trust that would pursue potential lawsuits related to a 2018 asset shuffle that weakened creditor claims on the fast-growing MyTheresa affiliate
    • NOTE, May ...

To read the full article log in.

Learn more about a Bloomberg Law subscription.