FILE PHOTO: A Neiman Marcus department store stands next to empty parking lots at the King of Prussia Mall which remains closed due to the ongoing outbreak of the coronavirus disease (COVID-19) in Upper Merion Township, Pennsylvania U.S., May 21, 2020. REUTERS/Lucas Jackson/

(Reuters) – Neiman Marcus Holding Co said on Friday it has completed its Chapter 11 bankruptcy protection process, emerging from one of the highest-profile retail collapses during the COVID-19 pandemic.

Its restructuring plan eliminated more than $4 billion of debt and $200 million of annual interest expense.

The luxury department store chain said it had a new board of directors, including former LVMH LVMH.PA North America Chairman Pauline Brown and former eBay Inc EBAY.O Chief Strategy Officer Kris Miller.

Geoffroy van Raemdonck will continue to serve as chief Executive Officer of Neiman Marcus Group, which had filed for bankruptcy protection in May.

The 113-year-old company’s new owners, which include PIMCO, Davidson Kempner Capital Management and Sixth Street Partners LLC are funding a $750 million exit financing package that fully refinances its debtor-in-possession loan.

Reporting by Uday Sampath in Bengaluru; Editing by Shinjini Ganguli and Maju Samuel

Via Reuters Finance

READ ALSO  Analysis: Cenovus-Husky deal creates new Canadian oil major, stokes hunger for deals