The retailer is proposing a settlement over the long-running Mytheresa dispute.
Neiman Marcus has proposed a truce on the dispute over transactions involving Mytheresa, the German luxury web site the retailer had purchased in 2014.
The bankrupt retailer has reached a tentative settlement to resolve concerns raised by unsecured creditors over the Mytheresa transactions, ahead of a hearing Thursday afternoon in Texas bankruptcy court to determine if Neiman’s can send out its proposed Chapter 11 reorganization plan to creditors. According to court filings Thursday, the resolution proposes to provide some $10 million to a pool of recoveries for general unsecured claims. In addition, Neiman Marcus Group Inc., the parent company controlled by its leveraged buyout sponsors Ares Management Corp.
The settlement still requires approval by the court, which is expected to consider the proposed resolution at Thursday afternoon’s hearing. The settlement was disclosed in a statement filed in court by Scott Vogel, a “disinterested manager” that Neiman Marcus Group Ltd. LLC had designated earlier this year to investigate issues in the case including the Mytheresa transfer.
“The time has come to move these cases forward to ensure that the debtors remain poised to emerge from this Chapter 11 case in advance of the 2020 holiday season in as strong of a position as possible to face challenges imposed by the COVID-19 pandemic,” Vogel’s statement said.
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