Neiman Marcus Group Inc. is the latest retailer to skip a payment owed to bondholders as the coronavirus pandemic keeps stores closed, setting a clock ticking for the company to restructure its debt or file for bankruptcy, WSJ Pro Bankruptcy reported. The luxury retailer didn’t make several bond coupon payments due on Wednesday. The missed payments set in motion grace periods of between five and 30 days for Neiman to make the payment before creditors can take action. Neiman also has nearly $115 million coming due on its debt later in April. Marble Ridge Capital LP said in a letter yesterday to Neiman’s board of directors that the company is in default and that the fund will pursue all remedies to protect its rights. A bankruptcy filing for Neiman would mark a blow for private-equity firm Ares Management Corp. and the Canada Pension Plan Investment Board, which bought Neiman Marcus in 2013 for $6 billion including debt. The previous owners were private-equity firms TPG and Warburg Pincus LLC, which paid about $5.1 billion for the company in 2005.
