Willkie Partner Debra Sinclair Quoted on Final Court Approval of Saks Global Bankruptcy Financing

Willkie Farr & Gallagher represented Saks Global Holdings LLC in its chapter 11 restructuring and related financing. The case commenced in the U.S. Bankruptcy Court for the Southern District of Texas on January 13. On February 20 Saks Global obtained final court approval for more than $1.2 billion in chapter 11 debtor-in-possession financing after reaching a deal with the Unsecured Creditors Committee. The financing forms part of a related $1.75 billion financing package in connection with the restructuring. At the bankruptcy hearing, partner Debra Sinclair presented the DIP financing to the court. Sinclair told the court that "as of today, we have more than 100 brands that have either executed or are coming close to executing trade agreements with the company," and emphasized that the company’s brand partners "are at the heart of our business and we’re generating great momentum with them." Saks Global is the largest multi-brand luxury retailer in the world, comprising Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, Saks OFF 5TH, Last Call and Horchow. Its retail portfolio includes 70 full-line luxury locations, additional off-price locations and five distinct e-commerce experiences. Willkie Farr & Gallagher represented Saks Global Holdings LLC with a team composed by: partners Debra McElligott Sinclair, Gregory B. Astrachan, Matthew A. Feldman, Robin Spigel and Charlotta Chung (Restructuring; Corporate & Financial Services; Finance).

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Willkie Partner Debra Sinclair Quoted on Final Court Approval of Saks Global Bankruptcy Financing

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Willkie Partner Debra Sinclair Quoted on Final Court Approval of Saks Global Bankruptcy Financing

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