Plan of Reorganization

Reuters reports that retailer Neiman Marcus Holding Co. emerged from chapter 11 bankruptcy on September 25, 2020. The Company’s confirmed plan of reorganization eliminated more than $4 billion of debt and $200 million of annual interest expense. [Reuters; Sept. 25, 2020]

In an opinion piece for Bloomberg, columnist Justin Fox reports on the uptick

Bloomberg reports that Neiman Marcus Group Inc.’s plan of reorganization was confirmed on September 4, 2020 by the United States Bankruptcy Court for the Southern District of Texas. The confirmed plan revolves around a debt-for-equity swap, which will eliminate approximately $4 billion of the company’s $5.5 billion pre-petition secured debt. [Bloomberg; Sept. 4, 2020]

AMC