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Neiman Marcus' Missed April Interest Payment Could Accelerate a Forced Bankruptcy Filing

Stores are expected to stay closed after April, CEO Geoffroy van Raemdonck said on March 30 when the retailer announced its furlough

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Neiman Marcus bondholder Marble Ridge Capital LP said the Dallas-based retailer failed to make a $5.7 million interest payment that was due Wednesday -- possibly setting the stage for a forced bankruptcy filing.

The investment fund’s managing partner, Dan Kamensky, sent a letter to Neiman Marcus’ board on Thursday saying Marble Ridge would “take all necessary actions to protect its rights.”

Marble Ridge owns a significant amount of the $137.7 million in bonds that mature on Oct. 15, 2021. Holders of those bonds didn’t participate in an exchange offer last year that pushed the retailer’s other debt obligations out as far as 2024.

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