Neiman Marcus emerges from Chapter 11 bankruptcy amid COVID-19
Neiman Marcus 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 North America Chairman Pauline Brown and former eBay 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.
Share this article:
Manchester Metropolitan University halls locked down after 127 coronavirus cases
Around 1,700 students are being locked down in Manchester Metropolitan halls of residence tonight after more than 100 Covid-19 cases were recorded.
More to follow.
Visit our live blog for the latest updates: Coronavirus news live
Oil Futures Settle Lower On Demand Concerns
Crude oil prices settled modestly lower on Friday, weighed down by concerns about the outlook for energy demand due to rising coronavirus cases and reports of fresh lockdown measures in several countries.
Reports about the resumption of crude exports from Libya also weighed on oil prices.
Meanwhile, recent data showing a drop in crude inventories in the U.S. helped limit oil’s decline a bit.
West Texas Intermediate Crude oil futures for November ended down $0.06 or about 0.2% at $40.25 a barrel. WTI Crude oil futures shed about 2.6% for the week.
Brent Crude futures were lower by $0.07 at $41.87 a barrel.
According to Baker Hughes, the oil-drilling rigs count in the U.S. moved up for the first time in three weeks, rising by 4 this week to 183.
According to reports, coronavirus cases in the U.S. topped 7 million, accounting for more than 20% of the world’s total.
In Europe, health officials have warned of the risk of a potentially lethal “twindemic” of Covid-19 and the flu.
Meanwhile, the cumulative tall of coronavirus infections in Spain crossed 70,000 on Thursday. France also reported a surge in new cases. The U.K. reported the highest number of new coronavirus cases in a single day since the start of the pandemic.
In photos: Ruth Bader Ginsburg lies in state at Capitol
A bipartisan group of female lawmakers line the steps of the Capitol as Ginsburg's casket is carried to a hearse. Photo: Jose Luis Magana/AFP via Getty Images
The late Supreme Court Justice Ruth Bader Ginsburg laid in state at the Capitol on Friday, the first woman and the first Jewish person to receive such an honor.
Driving the news: After a ceremony in National Statuary Hall, Ginsburg's casket was carried down the building's steps — flanked by a group of bipartisan female lawmakers for a final farewell.
Podcast: Substack and the future of media
Traditional media models, and even some of the digital ones, are either under pressure or outright broken. Some journalists have responded by going out on their own, leveraging a new group of startups that help them self-publish and monetize their work.
Axios Re:Cap digs in with Chris Best, CEO of Substack, which has more than 250,000 paying subscribers on its writer network.
20 dead in Ukraine military plane crash
KIEV (AFP) – Ukraine’s interior ministry on Friday (Sept 25) said at least 20 people were killed when a military plane crash landed in the Kharkiv region in the east of the country.
Ukraine’s air force said the Antonov-26 transport plane was carrying crew and cadets.
The interior ministry said there were “20 dead and two seriously injured” among the 24 passengers.
Gold Futures Settle Lower, Shed Nearly 5% For The Week
Gold prices drifted lower on Friday, posting losses for the fourth session this week, as the dollar gained in strength, recovering after exhibiting some weakness a day earlier.
The dollar index rose to 94.74, a new two-month peak, a little before noon, but subsequently pared some gains. It was last seen hovering around 94.60, up 0.26% from the previous close.
The dollar has been making steady progress on safe-haven appeal amid rising worries about the virus pandemic and its impact on global growth.
Gold futures for December ended down $10.60 or about 0.6% at $1,866.30 an ounce, the lowest close in two months. For the week, gold futures shed about 4.9%, the most in a week in more than 6 months.
Silver futures for December ended lower by $0.103 or 0.4% at $23.093 an ounce, while Copper futures settled at $2.9710 per pound, gaining $0.0030 or about 0.1%.
Meanwhile, on the virus relief bill front, House Democrats are reportedly working on a $2.4 trillion relief proposal. House Speaker Nancy Pelosi is said to have reiterated her willingness to negotiate with the White House to find an agreement.
According to a report released by the Commerce Department this morning, durable goods orders climbed much less than expected in the month of August.
The report said durable goods orders rose by 0.4% in August after soaring by an upwardly revised 11.7% in July.
Economists had expected durable goods orders to surge up by 1.5% compared to the 11.4% spike that had been reported for the previous month.