Jan 20 (Reuters) – Global asset management firm GoldenTree will buy a chunk of a $1 billion bankruptcy financing for luxury retailer Saks Global, Bloomberg News reported on Tuesday, citing people familiar with the matter.
GoldenTree, which is founded by billionaire Steve Tananbaum, has committed to buy a roughly $200 million portion of the so-called debtor-in-possession financing, according to the report.
Saks Global and GoldenTree did not immediately respond to Reuters requests for comment.
The high-end U.S. department store conglomerate filed for Chapter 11 bankruptcy protection on January 13, after a debt-laden takeover.
(Reporting by Anuja Bharat Mistry in Bengaluru; Editing by Sahal Muhammed)
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