Saks Global unlocked an additional $300M tranche of its $1.75B bankruptcy financing package after an ad hoc group of bondholders approved the luxury retailer’s five-year business plan, completing what the company calls its pre-emergence financing. The company, which filed for Chapter 11 in January with $3.4B in debt, has since closed 20 of its 33 Saks Fifth Avenue retail stores and resumed shipping with nearly 600 brands, releasing $1.4B in retail receipts. A plan of reorganization is expected to be filed with the U.S. Bankruptcy Court for the Southern District of Texas within the next several weeks.
