Neiman Marcus Group Ltd. extended the deadline for loan and bondholders to sign on to a debt swap until the end of the week, as the retailer moved closer to getting enough support for the deal that would push out the due dates on its debt, WSJ Pro Bankruptcy reported. The company said that by the end of the day Monday, the previous deadline, 84 percent of its term loan holders and 82 percent of its bondholders had signed up to participate in the swap, which would give them new loans maturing in October 2023 and new notes maturing in October 2024. The debt-restructuring proposal needs support from 95 percent of Neiman’s lenders and bondholders to win approval outside of court. The existing loans and notes mature in 2020 and 2021, respectively. Neiman launched the debt exchange for all of its $4.7 billion in debt on March 25, and offered fees of 0.25 percent to term lenders and 1 percent to bondholders who signed on to the debt swap by April 1. The deadline for receiving the fees was also extended to Friday.
