GoldenTree Makes $200 Million Bet on Saks Bankruptcy Rescue Loan
A Saks Fifth Avenue store in New York.
Photographer: Allison Joyce/BloombergGoldenTree Asset Management will buy a chunk of a $1 billion bankruptcy financing for Saks Global Enterprises, in a bet that the iconic department store will make it through Chapter 11 and chart a path forward.
The credit specialist founded by billionaire Steve Tananbaum has committed to buy a roughly $200 million portion of the so-called debtor-in-possession financing, according to people familiar with the matter. The final structure of the loan — which has a high priority in the repayment line — is expected to be finalized this week, the people said, asking not to be identified discussing private information.