Luxury retailer Neiman Marcus Group Ltd. has transferred shares of its MyTheresa online subsidiary to its parent holding company, a move that pressured the company’s bonds yesterday, WSJ Pro Bankruptcy reported. Before the transfer of MyTheresa to the parent company, Neiman Marcus Group Inc., there was some anticipation that the retailer would use the MyTheresa shares to entice bondholders to swap their debt for bonds with a longer maturity. “Some bondholders may have incorrectly assumed that the company would embark on a distressed debt exchange involving MyTheresa shares as collateral,” said Steven Ruggiero, an analyst at Pressprich & Co. The company has $4.7 billion in debt.
