Saks Global Having Difficulty Acquiring Bankruptcy Backers

Saks Global is seemingly enduring difficulties in finding willing backers for its ~$1 billion Chapter 11 bankruptcy filing. Investors are reportedly displaying little interest in funding the bankruptcy, and Saks’ failure to move that process forward could result in liquidation. “Liquidation is one of several potential outcomes Saks faces. However, if it can’t line up a DIP loan, which would be used to pay for essential expenses like payroll, rent and inventory, that scenario would be more likely. The retailer is already struggling to pay those costs,” CNBC’s Gabrielle Fonrouge wrote (via CNBC).