Neiman Marcus Group Inc. is closing in on a deal with a group of lenders led by Pacific Investment Management Co. that would slash the department-store chain’s debt load by more than half in exchange for control of the company, Bloomberg Law reported. The plan would be part of a bankruptcy court filing that could come as soon as this week. Lenders including Pimco, Davidson Kempner Capital Management and Sixth Street Partners would provide the company with more than $600 million to stay in business during the court process. Those lenders and others would swap their debt for equity in the reorganized company. Neiman has struggled for years to find its footing as traffic fell at malls and department stores. The Dallas-based company reached a deal with creditors last year that bought it time for a turnaround. But with its stores shuttered since March by the Covid-19 pandemic, its efforts to cut debt took on a new level of urgency.
