Neiman Marcus creditor Marble Ridge Capital LP renewed its attack on the retailer’s pending debt exchange, telling the bond trustee that the deal violates terms of the company’s existing notes, Bloomberg News reported. Marble Ridge objects to a demand that debtholders relinquish claims to the company’s MyTheresa e-commerce asset, according to a letter sent to the trustee, U.S. Bank, and reviewed by Bloomberg. By facilitating the debt exchange, the trustee “would be giving its imprimatur to improper acts, as alleged, and purporting to abrogate claims held by both individual noteholders and any future Neiman Marcus bankruptcy estate,” according to the May 15 letter from the Brown Rudnick law firm. Marble Ridge previously brought forth a related lawsuit in state court that was dismissed. Neiman Marcus is seeking to transfer control of its fast-growing MyTheresa business to its private-equity owners, Ares Management LP and Canada Pension Plan Investment Board. The retailer launched its debt-exchange offer at the end of April, aiming to push out the maturities of its term loan and bonds and gain time for the struggling retailer to turn itself around.
