U.S. luxury department store chain Neiman Marcus Group said on Friday that it received court approval to access $675 million of its debtor-in-possession financing, which will allow continuity of the company’s business during chapter 11 proceedings and enable it to pay employees and vendors, Reuters reported. Neiman Marcus filed for bankruptcy in a federal court in Houston, and said on Thursday it had reached agreement with creditors for $675 million of debtor-in-possession financing to aid operations while it attempts to reorganize. The Dallas-based retailer plans to cede control to creditors in exchange for eliminating $4 billion of debt. Its debt currently totals about $5 billion. The company has said that it expects to emerge from chapter 11 proceedings in early fall with a $750 million package from creditors that provided its initial bankruptcy loan.
