Court approves Saks Global bankruptcy plan for voting
A judge approved the retailer's plan to send its restructuring proposal to creditors. The deal hands control to lenders and closes several department stores.
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Saks Global will send a restructuring plan to creditors after a United States bankruptcy judge approved the proposal on Friday afternoon. The plan wipes out existing equity and hands control to senior lenders following a January 13 filing with $3.4B in debt. Investors are tracking the retailer's attempt to exit Chapter 11 as a smaller, leaner entity with $1.5B in new funding.
