UPDATE 2-Neiman Marcus skips debt payment as potential bankruptcy looms [Reuters (UK)]
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Source: Reuters
Neiman Marcus skips debt payment as potential bankruptcy looms - Reuters 4 Min Read NEW YORK (Reuters) - Neiman Marcus Group skipped a debt payment due this week, the latest sign of a cash crunch pushing the U.S. luxury department store chain to the brink of a possible bankruptcy after it temporarily closed stores amid the coronavirus pandemic. The Dallas-based company’s decision to skip the payment has put it in default on that obligation, according to a letter sent to the retailer from a bondholder owed the money, hedge fund Marble Ridge Capital LP. The retailer has made bankruptcy preparations that include discussions with creditors on financing to aid operations during court proceedings, Reuters previously reported. Neiman is struggling under more than $4 billion of debt taken on as part of a private equity takeover in 2013. Most debt obligations have grace periods during which borrowers can still make payments. Neiman could still do so under terms of debt it did not repay this we
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