News and Analysis
Saks haggles with two minority bondholder groups in phase two of LME
- Max Frumes
- +Max Reyes
•2 min read
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Saks Global advisors Kirkland & Ellis and PJT Partners are holding separate negotiations with a second and third group of holders of the company’s secured notes due 2029 in an unscripted second phase of the liability management exercise launched 27 June, according to sources. An informal deadline for agreement on a deal is set for this week, these sources said.
The distressed luxury retailer struck a deal with a majority group of bondholders advised by Paul Weiss and Lazard, who are putting up a $300m new FILO facility and exchanging into new 2029 second out notes close to par.
