A top-notch restructuring group, capable of handling the biggest and the most difficult restructuring from either company side or creditors’ side. 
- Chambers USA, Band 1 Bankruptcy/Restructuring (Nationwide and NY)
Paul, Weiss Advises Ad Hoc Committee of Secured Noteholders in Neiman Marcus Restructuring
- Client News
- May 7, 2020
Practices
Paul, Weiss is representing an ad hoc committee of secured noteholders in the prearranged bankruptcy of Neiman Marcus Group. The iconic luxury retailer commenced voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division on May 7.
Neiman entered chapter 11 with a restructuring support agreement supported by holders of over 77% of the debtors’ extended term loans, over 99% of the debtors’ second lien notes and over 69% of the debtors’ third lien notes. Certain of the company’s largest creditors are providing $675 million in debtor-in-possession financing, as well as $750 million in exit financing. Through the proposed restructuring, the debtors seek to eliminate approximately $4 billion of their existing debt.
The Paul, Weiss team includes, among others, restructuring partners Alice Eaton and Andrew Rosenberg, counsel Diane Meyers and Claudia Tobler; corporate partner David Huntington; litigation partners Jacqueline Rubin and Jeffrey Recher and counsel Robert Kravitz; tax partner David Sicular; and real estate partner Peter Fisch.