Monday, September 24, 2018

Neiman Marcus bondholder says company may be in default

Reuters
Distressed investor Marble Ridge Capital LP said in a letter to Neiman Marcus Group Ltd LLC that the luxury department store company may be in default on its debt after it moved its Mytheresa business into an entity belonging to the retailer’s private equity owners.

Marble Ridge is working with law firm Brown Rudnick LLP and plans to organize with other creditors to look into the Mytheresa move, according to a person familiar with the matter. The hedge fund last year pursued a similar strategy with Singapore-based Global A&T Electronics Ltd.. . . more