Neiman Marcus Group made its case that it needs immediate access to its bankruptcy financing.
Neiman Marcus Group made its case that it needs immediate access to its bankruptcy financing, and also girded for a likely conflict down the road over its restructuring plan.
“I’ve been on many calls with various of our key brand partners, and some of the key service providers to us,” Neiman’s chief restructuring officer Mark Weinsten, managing director at consulting firm Berkeley Research Group LLC, said at the hearing. Neiman’s entered Chapter 11 proceedings on Thursday, proposing $675 million in debtor-in-possession financing and a $750 million exit financing package.
The retailer’s move of Mytheresa subsidiaries in 2018 to another entity has already been the subject of litigation, including a suit by UMB Bank NA, the trustee for certain debt Neiman’s has issued, that is currently pending in New York state court. Regardless of the objections to the terms of the DIP proposal, there is an undeniable need for financing and a lack of viable alternatives, said Chad Husnick, a partner at Kirkland & Ellis, at the hearing.
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