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TexasTowelie

(111,319 posts)
Sun May 10, 2020, 06:26 AM May 2020

Judge approves crucial $675 million bankruptcy financing for Neiman Marcus

Neiman Marcus received preliminary approval from a bankruptcy judge late Friday for a crucial financing lifeline of $675 million that was debated in a virtual courtroom.

U.S. Bankruptcy Judge David R. Jones in Houston led a hearing that reviewed the high fees and high risks involved with the Dallas-based retailer’s attempt to reorganize during a pandemic.

Attorneys for Neiman Marcus said the company doesn’t expect to open all its stores until July. In the interim, it will need at least $300 million to operate.

The high cost of the financing, 13% of the loan, or $87.75 million, reflects the risk associated with the reorganization, lawyers and witnesses said.

Read more: https://www.dallasnews.com/business/retail/2020/05/08/judge-approves-crucial-675-million-bankruptcy-financing-for-neiman-marcus/

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Judge approves crucial $675 million bankruptcy financing for Neiman Marcus (Original Post) TexasTowelie May 2020 OP
I expect soon duforsure May 2020 #1
Shut down for at least 4 months and it doesn't take a genius to see the future jimfields33 May 2020 #2

duforsure

(11,882 posts)
1. I expect soon
Sun May 10, 2020, 06:52 AM
May 2020

Many more big box retail stores will go under, and announce bankruptcy plans also. Malls will slowly start going under too. Our past economy will not be back for a long while with trump in office. Once he's out, it will take maybe years to recover from all of trumps failures. Same will start happening to bigger chain restaurants also, who will cut their loses , and fold up when they realize its not coming back for a long while. The trump depression will cripple businesses everywhere.

jimfields33

(15,475 posts)
2. Shut down for at least 4 months and it doesn't take a genius to see the future
Sun May 10, 2020, 07:20 AM
May 2020

for most of these businesses. Maybe all of us are going to see a future simpler life where we live without nonessentials and have fewer options to eat out. We were spoiled beyond belief before this happened.

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