Department store chain Neiman Marcus emerges from bankruptcy

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September 25, 2020 1:39 PM EDT

FILE PHOTO: A Neiman Marcus department store stands next to empty parking lots at the King of Prussia Mall which remains closed due to the ongoing outbreak of the coronavirus disease (COVID-19) in Upper Merion Township, Pennsylvania U.S., May 21, 2020. RE

(Reuters) - Neiman Marcus Holding Co said on Friday it has completed its Chapter 11 bankruptcy protection process, emerging from one of the highest-profile retail collapses during the COVID-19 pandemic.

Its restructuring plan eliminated more than $4 billion of debt and $200 million of annual interest expense.

The luxury department store chain said it had a new board of directors, including former LVMH North America Chairman Pauline Brown and former eBay Inc (NASDAQ: EBAY) Chief Strategy Officer Kris Miller.

Geoffroy van Raemdonck will continue to serve as chief Executive Officer of Neiman Marcus Group, which had filed for bankruptcy protection in May.

The 113-year-old company's new owners, which include PIMCO, Davidson Kempner Capital Management and Sixth Street Partners LLC are funding a $750 million exit financing package that fully refinances its debtor-in-possession loan.

(Reporting by Uday Sampath in Bengaluru; Editing by Shinjini Ganguli and Maju Samuel)


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