Saks Global Targets Summer Exit From Chapter 11 After Securing New Financing

After reaching an agreement with a group of senior secured bondholders for $500m in exit financing, Saks Global is preparing to leave Chapter 11 bankruptcy this summer. The retailer said it has entered into a restructuring support agreement with an ad hoc group of those bondholders, and the new funding intended to support the business as it transitions out of bankruptcy protection. Saks Global added that the commitment forms part of a broader $1.7bn debtor-in-possession financing package that will be put in place to maintain operations during the restructuring.  Read More