Neiman Marcus receives interim DIP approval

摘要

Bankrupt luxury retailer NEIMAN MARCUS received interim court approval on May 8 to tap into its debtor-in-possession financing. The interim approval allows for the company to obtain US$275m of the proposed US$675m DIP financing, and the rest of the funds after final court approval. The new money DIP loan is priced at l,275bp over Libor. Cortland Products is the DIP agent. Neiman Marcus, which filed for Chapter 11 bankruptcy protection on May 7, signed a restructuring support agreement that would slash US$4bn from its US$5.1bn pre-petition debt load. Under the RSA, a group of senior lenders led by investment firms Pacific Investment Management Company, Sixth Street Partners, and Davidson Kempner Capital Management have committed to providing the DIP and backstopping a US$750m exit financing loan.