Exclusive: Investors to challenge Neiman Marcus bankruptcy loan, push for sale - sources

- An investor group that comprises investment firm Mudrick Capital Management LP and Daniel Loeb’s hedge fund Third Point LLC plans to challenge a $600 million financing package that Neiman Marcus Group has lined up for its looming bankruptcy, and will push the U.S. department store operator to sell itself, people familiar with the matter said on Sunday.

Neiman Marcus plans to instead use a $600 million loan it spent weeks negotiating with creditors that include Pacific Investment Management Co, Davidson Kempner Capital Management LP and TPG’s Sixth Street Partners, the sources said. A key condition of the newly proposed $700 million loan is that Neiman Marcus must seek an outright sale while under bankruptcy protection, before attempting to reorganize its finances and operations, the sources said.

If no credible bidder emerges, the proposed loan’s terms call for Neiman Marcus to try to reorganize its debts and emerge from bankruptcy proceedings in slimmed-down form, according to the sources. The competition for the bankruptcy financing to Neiman Marcus underscores the financial appeal of DIP loans for investors. They carry high interest rates, are repaid before other obligations, and usually carry strict terms that include milestones a company must meet.

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