Bankruptcy court has accepted a key settlement proposal.
Neiman Marcus took a significant step forward toward its goal of having a reorganization plan confirmed by Sept. 15.
On Thursday, Jones also signed off on Neiman’s disclosure statement related to its reorganization plan, which technically gives the retailer the green light to send its plan out to creditors to solicit their votes on the proposal. Neiman’s advisers have indicated they intend to start the solicitation process some time next week.
Unsecured creditors in the case have argued that the Mytheresa transactions before the bankruptcy had essentially moved a valuable Neiman’s asset out of its capital structure, preventing creditors from realizing any portion of that value. On Thursday, its attorneys made the case that eight leaders on the management team — including chief executive officer Geoffroy van Raemdonck; chief merchant officer Svetlana Todorovich, and chief operating officer Chris Sim — should be approved to get a bonus packaging totaling potentially up to $10 million for meeting certain targets in the case, including the company’s performance and its navigation of bankruptcy milestones.
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