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December 1, 2018 Comments Off on Neiman Marcus Ends $4.7B Debt Restructuring Talks Views: 2868 Texas News, Top Texas

Neiman Marcus Ends $4.7B Debt Restructuring Talks

Neiman Marcus Group Ltd. ended nearly a month of talks with lenders and bondholders in an effort to restructure its $4.7 billion debt, which is scheduled to mature in the next two-to-three years. No deal was reached, with talks likely resuming in early 2019.

The sticking point for debt and bond holders involved MyTheresa, an international e-commerce business transferred to Neiman Marcus Group in September 2019. Lenders and bondholders wanted Neiman to offer either equity or collateral in MyTheresa, in exchange for extending the debt maturities, a move that the Dallas-headquartered Neiman Marcus declined.

The bondholders negotiating with the company include Oaktree Capital Management and Southeastern Asset Management. Aurelius Capital Management LP is among the group of term loan holders that is talking separately with the company. Ares Management and Canada Pension Plan Investment Board took over the department-store chain in 2013.

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