Overview
- Saks Global filed a reorganization plan in bankruptcy court that outlines how claims will be settled and leaves key terms open for negotiations with stakeholders.
- The retailer asked the court to approve a $6 million sale of its Gulfstream corporate jet to Jones Aviations LLC, with a $250,000 refundable deposit and a $210,000 fee for broker Guardian Jet.
- Company filings and statements say the sale would boost liquidity by removing upkeep costs, as the plane had been used for executive travel and time-shared for some personal trips.
- Saks says it has a $500 million exit financing commitment from an ad hoc group of secured bondholders and expects to emerge from Chapter 11 in the summer.
- Court papers describe efforts to stabilize operations by paying retention bonuses of about $260,000 to eight top sellers, while closing most Saks Off 5th locations and 21 department stores as secured lenders are expected to take control and unsecured vendors likely recover little.