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Saks Global Enterprises has launched a debt exchange following weeks of negotiations with creditors as its $600 million fresh financing takes shape, according to a Monday statement.
The struggling retailer has proposed swapping all of its $2.2 billion in 11 percent bonds due in 2029 for a combination of securities with the same interest rate and maturity, but lower principal. The new debt would be a mix of senior secured asset-based notes issued by a special purpose vehicle, along with two…
