Saks Global Restructuring, A Thrilling 2025 Saga

Welcome to the 139th Pari Passu newsletter. 

For July’s Pari Passu Premium piece, we are covering the exciting ongoing restructuring of luxury conglomerate Saks Global. Few sources online have given comprehensive coverage of the company’s financial trajectory, drivers of distress, and new financing transactions.

Today, we will be detailing the full timeline of Saks Global’s creation to its downfall. From unpaid vendor invoices and collapsing bond prices to a priming uptier exchange backed by a group of majority bondholders, we are going to clearly break down every part of Saks Global’s ongoing restructuring. If you’ve been following the rise of aggressive liability management transactions, creditor-on-creditor violence, and retail bankruptcies, this is a case you won’t want to miss. 

Section Preview

• Saks Fifth Avenue

• Key Events Preceding the Neiman Marcus Group Acquisition

• Neiman Marcus Group Acquisition and Formation of Saks Global

• Details of the Acquisition

• Post-Acquisition Turbulence

• Near-Term Liquidity Headwinds

  • Delayed Vendor Payments

  • Store Closures

  • June 2025 Interest Payment

• Loose Bond Indentures

  • Movement of IP Collateral

  • Real Estate (not) as Collateral

• June 2025 Out-of-Court Restructuring

• Mechanics of the New Financing

• Scenario Analysis

  • Scenario 1: Complete Turnaround

  • Scenario 2: Asset Sale and / or IP Licensing Agreement

  • Scenario 3: Chapter 11 Filing

  • Scenario 4: Equity Injection by Current Shareholders

• Creditor Recovery Analysis

• Takeaways and Future Outlook

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