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2 weeks ago | 
news.bloomberglaw.com | Reshmi Basu |Eliza Ronalds-Hannon
A Pacific Investment Management Co.-led group holding loans tied to the sale of Neiman Marcus Group has tapped advisers to help ensure they get repaid when the debtcomes due next year. The creditors, who acquired the debt as part of the 2024 sale of Neiman Marcus to Saks parent Hudson’s Bay Co., are working with advisers from Ducera Partners and White & Case, according to people with knowledge of the developments, who asked not to be named discussing private decisions.
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2 weeks ago | 
bloomberg.com | Reshmi Basu |Eliza Ronalds-Hannon
A Neiman Marcus store in Garden City, New York, US, on Friday, July 5, 2024. The owner of Saks Fifth Avenue is acquiring Neiman Marcus Group for $2.65 billion, a deal that will unite America's two largest high-end department-store chains in a bid to grab a bigger share of a slowing industry.
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2 weeks ago | 
news.bloombergtax.com | Eliza Ronalds-Hannon |Reshmi Basu
Kirkland & Ellis debt finance partner David Nemecek, who represents companies and their owners in many of the market’s biggest debt overhauls, warned that a popular tool allowing creditors to band together for greater negotiating leverage against borrowers could be illegal.
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2 weeks ago | 
bloomberg.com | Eliza Ronalds-Hannon |Reshmi Basu
Kirkland & Ellis debt finance partner David Nemecek during the Bloomberg Global Credit Forum in Los Angeles, on June 11. (Bloomberg) -- Kirkland & Ellis debt finance partner David Nemecek, who represents companies and their owners in many of the market’s biggest debt overhauls, warned that a popular tool allowing creditors to band together for greater negotiating leverage against borrowers could be illegal.
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2 weeks ago | 
bloomberg.com | Reshmi Basu |Eliza Ronalds-Hannon
A Dish satellite dish receiver at a home in Wrightwood, California. (Bloomberg) -- Bondholders to EchoStar Corp. are working with law firm Akin Gump Strauss Hauer & Feld and investment bank Centerview Partners LLC as the telecommunications company mulls a potential bankruptcy filing amid a Federal Communications Commission probe, according to people familiar with the matter.
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3 weeks ago | 
bloomberg.com | Eliza Ronalds-Hannon |Kelcee Griffis |Dorothy Ma
Welcome to The Brink. I’m Eliza Ronalds-Hannon, a senior reporter in Atlanta, covering EchoStar’s missed interest payment after the Federal Communications Commission started a review. We also have updates on Wellness Pet and auto sector distress. Follow this link to subscribe. Send us feedback and tips at [email protected]. Creditors to EchoStar and its pay-TV unit Dish Network huddled over the past eight days as they came to terms with the latest curveball thrown by Charlie Ergen.
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3 weeks ago | 
news.bloombergtax.com | Eliza Ronalds-Hannon |Reshmi Basu
Clearlake Capital-backed Wellness Pet Company snagged fresh financing and completed the first step of a debt deal that involves creditors taking a reduction in the value of the original amount they lent, according to people familiar with the matter. The pet-food supplier landed $100 million of new financing from the deal, which involves pushing its debt maturities out to 2029, the company said in a press release.
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3 weeks ago | 
bloomberg.com | Eliza Ronalds-Hannon |Reshmi Basu
A bowl of dry dog food in Princeton, Illinois. Photographer: Daniel Acker/Bloomberg(Bloomberg) -- Clearlake Capital-backed Wellness Pet Company snagged fresh financing and completed the first step of a debt deal that involves creditors taking a reduction in the value of the original amount they lent, according to people familiar with the matter.
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3 weeks ago | 
news.bloomberglaw.com | Eliza Ronalds-Hannon |Reshmi Basu
Clearlake Capital-backed Wellness Pet Company snagged fresh financing and completed the first step of a debt deal that involves creditors taking a reduction in the value of the original amount they lent, according to people familiar with the matter. The pet-food supplier landed $100 million of new financing from the deal, which involves pushing its debt maturities out to 2029, the company said in a press release.
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3 weeks ago | 
news.bloomberglaw.com | Dorothy Ma |Eliza Ronalds-Hannon
Handing out private loans to software technology companies is not “intelligent,” said Marathon Asset Management Chief Executive Officer and founder Bruce Richards. Richards cautioned firms that can’t make the artificial-intelligence transition will have a “Blockbuster Video moment,” referring to the home video rental chain that lost out to streaming services and filed for bankruptcy.
