Saks Gets $600 Million Lifeline as Creditors Face Steep Losses

Saks Global Enterprises has reached a $600 million debt deal with a number of its existing lenders that would force some creditors to accept losses and push them back in the repayment priority line.

As part of the complex arrangement, a group holding a slim majority of the struggling luxury retailer’s $2.2 billion of 11 percent bonds, which were just issued in December, will provide Saks an immediate $300 million loan, according to deal terms reviewed by Bloomberg. That debt would be among…