By  on March 1, 2019

The Neiman Marcus Group has reached a preliminary agreement with its lenders on an extension and amendment of its debt maturities.

The agreement, subject to final approval, enhances Neiman’s capital structure and gives the luxury retailer some much-needed breathing room to sustain its operations, which have been hampered by its huge debt load. The $5 billion NMG has $4.6 billion in debt, which includes a $2.8 billion term loan due in October 2020, and two sets of bonds and an asset-backed loan due in 2021.

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