Friday, April 17, 2020

Neiman Marcus Skips Bond Payment, Starts Clock Ticking

The Wall Street Journal
Neiman Marcus Group Inc. is the latest retailer to skip a payment owed to bondholders as the coronavirus pandemic keeps stores closed, setting a clock ticking for the company to restructure its debt or file for bankruptcy.

The luxury retailer didn’t make several bond coupon payments due on Wednesday, according to people familiar with the matter. The missed payments set in motion grace periods of between five and 30 days for Neiman to make the payment before creditors can take action, these people said.. . . more