Tuesday, June 2, 2020

Bankrupt Neiman Marcus breached its loan terms, lender says

Retail Dive
Deutsche Bank raised "concerns" last week that Neiman Marcus breached the terms of its asset-based credit line as it seeks a financing package to help it reorganize in bankruptcy.

According to the bank, which is an administrative agent on the retailer's ABL, an initial budget tied to Neiman's bankruptcy loan (know as "debtor-in-possession" financing) "contained material errors undermining key assumptions" that could impede the retailer's ability to repay its loan.. . . more