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Marble Ridge rebuffs Neiman Marcus financial agreement

March 04, 2019 / Corinne Ruff

Marble Ridge Capital, a Neiman Marcus creditor, on Friday sent a letter to the board of directors of the luxury department store retailer in response to a recently proposed financial agreement with creditors to extend its debt maturities by three years. The company argues the proposed agreement "merely seeks to pressure creditors to forgive the misconduct of the Board and turn a blind-eye to the Sponsors' self-enrichment scheme," and added that it doesn't believe the proposal will gain approval. Marble Ridge also criticized Neiman Marcus for a request within the proposal for creditors to waive litigation claims against it. It reiterated its stance that "100% of the valuable MyTheresa assets must be returned to the Company" and said it plans to speak with other bondholders "in the coming days" about its concerns, taking "all necessary actions to protect our rights."