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SAKS GLOBAL SECURES $300 MILLION BANKRUPTCY FUNDING, BONDHOLDERS BACK FIVE-YEAR PLAN

  • NEWS Desk Global
  • 20 hours ago
  • 1 min read

Saks Global said on Monday it has got access to $300 million more of its $1.75 billion bankruptcy funding package, and said ​an ad hoc group of bondholders has approved ‌the luxury retailer’s five-year business plan.

The company, which filed for Chapter 11 bankruptcy protection in January and values its overall bankruptcy financing ​package at $1.75 billion, had said it needed the funds to ​repair vendor relationships and buy time to renegotiate ⁠its debt.

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