Saks Global Bankruptcy Financing Offers Under Review
News Context
At a glance
- Saks Global is considering two bankruptcy financing offers as it prepares to file for Chapter 11, potentially as soon as Sunday (Jan.
- The company, which owns Saks Fifth Avenue and Neiman Marcus, is weighing a $1.25 billion loan that would give the lending group control of the company during bankruptcy...
- PYMNTS reached out to Saks Global for comment but did not receive an immediate response.
Saks Global is considering two bankruptcy financing offers as it prepares to file for Chapter 11, potentially as soon as Sunday (Jan. 11), according to Teh Wall Street Journal.
The company, which owns Saks Fifth Avenue and Neiman Marcus, is weighing a $1.25 billion loan that would give the lending group control of the company during bankruptcy proceedings. A competing offer proposes a $1.5 billion loan to keep Saks Global operating as a going concern throughout the process.
Here’s a breakdown of the offers:
- $1.25 Billion Offer: Provides funding for Chapter 11 and control to the lending group.
- $1.5 Billion offer: Finances operations throughout the bankruptcy process.
PYMNTS reached out to Saks Global for comment but did not receive an immediate response. CNBC also reported on the company’s financial struggles earlier this week.