Neiman Marcus Creditor Group Counters ‘Devil's Bargain’ Proposal
- Wants preferred equity stake in MyTheresa doubled to $500m
- Says current offer benefits traders who bet against Neiman
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Dissident bondholders are demanding Neiman Marcus Group double the preferred equity stake it’s offering in the MyTheresa unit to quell the rebellion sparked by the retailer’s asset-shuffling.
The holdout group said it wants a $500 million preferred equity stake in MyTheresa instead of the $250 million the company offered, according to people with knowledge of the developments. They also want the opportunity to buy new second-lien notes the retailer plans to issue as part of the deal, said the people, who asked not to be named discussing private negotiations.