Neiman Marcus Just Got a Lifeline From Its Lenders: 3 More Years Before It Must Refinance Its Debt

This story is breaking and will be updated. Neiman Marcus said Friday it has reached an agreement in principle with a majority of its bond holders and term loan lenders that gives it three more years to transform its business.The Dallas-based luxury retailer was saddled with debt from two leveraged buyouts in 10 years and hasn't had the cash flow to run its business and try to begin repaying almost $5 billion in debt while also paying $300 million a year in interest payments. Negotiations are continuing and the retailer said it "will continue to work diligently with its advisers, lenders and noteholders towards a resolution that is beneficial for all stakeholders."  Continue reading...