- Anna Zwettler |
Neiman Marcus Group has announced that Marc Beilinson has resigned from his position as board member of the group’s Board of Managers.
Beilinson, who has helped the group exit Chapter 11 bankruptcy, resigned due to his emergency heart surgery last week. While he is expected to make a full recovery, his doctors have advised him to temporarily reduce his workload.
“The successful disposition of this case and preservation of one of the nation’s most iconic brands is of critical importance to me,” said Beilinson in a statement last week. “I came to this decision with the best interests of the company, its creditors and my family in mind.”
Neiman Marcus Group expects its restructuring proceedings to continue as planned on the current timeline.
Earlier this year, Neiman Marcus announced its debt of approximately 4 billion dollars and entered into a binding Restructuring Support Agreement with holders representing over two-thirds of the company’s outstanding debt.
Last week, the department store secured a court approval for debtor financing, giving it access to 250 million dollars, with an additional 150 million dollars to follow after September 4. This funding will allow the group to reopen its stores after Covid-19, pay employees and restructure its debts.
Photo credit: Neiman Marcus