Saks Global Gets Final OK On Over $1.2B In Ch. 11 Funding

Benjamin Butterfield was quoted in the Law360 article, "Saks Global Gets Final OK On Over $1.2B In Ch. 11 Funding." The article reported that Saks Global won final court approval for more than $1.2 billion in Chapter 11 debtor in possession financing after striking a deal with unsecured creditors. The judge authorized about $1.24 billion in new funding, part of a broader $5.85 billion DIP package that includes three facilities and rolls up roughly $2.1 billion of prepetition debt. The new capital will fund most of a $1.75 billion intercompany loan, with lenders also committing $500 million in exit financing. Creditors and vendors supported the motion after Saks agreed to subordinate DIP loans to post-petition vendor claims, grant vendors rights to goods held during the case, and ensure timely stub rent payments to landlords.

Benjamin noted, "DIPs are hard-fought. This was no exception. But I think from the committee's perspective, we've absolutely gotten to the right place."

Read the Law360 article.