Global asset management firm GoldenTree will buy a chunk of a $1 billion bankruptcy financing for luxury retailer Saks Global, Bloomberg News reported on Tuesday, citing people familiar with the matter.
A Neiman Marcus store, part of the Saks business – Neiman Marcus
GoldenTree, which is founded by billionaire Steve Tananbaum, has committed to buy a roughly $200 million portion of the so-called debtor-in-possession financing, according to the report.
Saks Global and GoldenTree did not immediately respond to Reuters requests for comment.
The high-end US department store conglomerate filed for Chapter 11 bankruptcy protection on January 13, after a debt-laden takeover.
