Neiman Marcus Group announces new agreement with creditors

Losing Ken Downing as senior vice president and fashion director isn't the only adventure in Neiman Marcus Group land right now. The company has announced a transaction support agreement (“TSA”) with lenders representing more than 55 percent of the company’s term loan and holders of more than 60 percent of the company’s unsecured notes. The transactions contemplated by the TSA will extend the maturities of participating debt by 3 years, which will provide the company with significantly more runway to implement its transformation plan.