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Neiman Marcus expects to emerge from chapter on the finish of September

© Reuters. The signage outside the Neiman Marcus store can be seen in New York

By Uday Sampath Kumar

(Reuters) – Neiman Marcus Group announced on Friday that it is expected to emerge from Chapter 11 bankruptcy later this month. The restructuring plan calls for more than $ 4 billion in debt to be eliminated.

The luxury department store chain filed for bankruptcy protection in one of the most famous retail breakdowns during the COVID-19 pandemic in May.

The 113-year-old company announced that certain institutional investors will be funding a $ 750 million exit financing package that will fully refinance the debtor loan it owns and add additional liquidity to its business. (https://reut.rs/3lQGqFE)

The Southern District of Texas Bankruptcy Court, Houston Division, approved Neiman Marcus' restructuring plan.

Apparel company J.Crew Group Inc announced last week that it is expected to emerge from bankruptcy in early September.

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