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Stockreport

Debt investor says Neiman Marcus may be in default and insolvent, claims 'theft of assets' [CNBC]

Ares Mgmt LP (ARES)  More Company Research Source: CNBC
Last ares mgmt lp earnings: 11/2 04:00 pm Check Earnings Report
US:NYSE Investor Relations: ares-ir.com
PDF One of Neiman Marcus' debt investors claims the struggling luxury department store may be insolvent and in default on its bonds after shuffling around some assets earlier this month. Marble Ridge Capital condemned Neiman Marcus for transferring its crown jewel e-commerce business, MyTheresa, away from the grasp of its bondholders and into its parent company, according to a Sept. 18 letter Marble Ridge founder Daniel Kamensky sent to the retailer's board of directors. These recent actions threaten the viability of a storied franchise that includes marquee brands such as Neiman Marcus and Bergdorf Goodman, Kamensky wrote. The luxury retailer has been grappling with roughly $4.7 billion in long-term debt as it navigates the rapidly changing retail landscape. The business, owned by Ares Management and the Canada Pension Plan Investment Board, has explored a number of strategic options to cope with that debt, including a sale. Neiman Marcus doesn't deny the change. It disc [Read more]

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