Unsecured creditors of Neiman Marcus Group Ltd. will challenge the bankrupt retailer’s restructuring plan, seeking to file a competing proposal that would take aim at Neiman’s private-equity owners over a spinoff of the MyTheresa e-commerce business, WSJ Pro Bankruptcy reported. Neiman filed for bankruptcy in May, proposing to put lenders and bondholders in control of the department-store chain and cancel more than $5 billion in debt. Under the company plan, Neiman’s lenders would also provide a $750 million loan to the retailer when it exits bankruptcy. MyTheresa, a fast-growing European business, isn’t part of Neiman’s bankruptcy and is partly owned by Neiman’s private-equity backers, Ares Management Corp. and the Canada Pension Plan Investment Board. The official unsecured creditors' committee is seeking permission to file a competing proposal that would overlap with the company’s in most respects — but would preserve the right to sue the shareholders over MyTheresa, according to court papers filed on Sunday. The creditors’ committee includes Marble Ridge Capital LP, a bondholder that has been battling the company over that asset transfer, and other Neiman creditors such as Chanel Inc. Judge David Jones of the U.S. Bankruptcy Court in Houston said yesterday in a hearing that the creditors committee may only file a rival plan under seal. The plan, to be filed by July 15, will be viewed only by the judge, Neiman Marcus, its lawyers and advisers. The committee is seeking to end Neiman’s sole right to set its restructuring terms at a hearing scheduled for July 17.
