Neiman Marcus creditor questions whether MyTheresa shuffle triggered default [Financial Post (Toronto, Ontario, Canada)]
Ares Management Corporation Class A (ARES)
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Source: Financial Post
Neiman Marcus creditor questions whether MyTheresa shuffle triggered default The transfer to Neiman Marcus's corporate parent could block creditors from making any claims on the unit A creditor of Neiman Marcus Group Ltd. is questioning whether the struggling retailer defaulted on its debt by shuffling one of its most promising units beyond the reach of creditors. Marble Ridge Capital LP said Friday in a statement that Neiman Marcus’ recent transfer of its MyTheresa unit was improper, and may have violated terms of company debt that the New York-based fund holds. Marble Ridge said it sent a Sept. 18 letter to the board demanding the rationale behind the transfer of MyTheresa, the German online luxury retailer, to Neiman Marcus’s corporate parent, a change that could block creditors from making any claims on the unit. The switch lets Neiman Marcus’s owners, Ares Management LP and Canada Pension Plan Investment Board, “usurp this massive benefit” for no consideration to the company, Mar
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