Monday, March 20, 2017

Private Equity Plus Retail Debt Is a Recipe for Carnage

Image result for neiman marcusNot all poorly performing retail bonds are created equal.

The worst of the bunch have a shared feature: They're all backed by private-equity companies.

Take Neiman Marcus, which carries nearly $5 billion in debt. Owned by Ares Management and the Canada Pension Plan Investment Board, the struggling department-store chain said this week it planned to hire bankers to explore selling itself or its assets. . . . more

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