Saks Global Enterprises is looking to line up a loan of as much as $1 billion to keep the business running as part of a Chapter 11 bankruptcy filing that could happen in coming weeks, according to people familiar with the situation.
The cash-strapped luxury retailer, which skipped an interest payment to bondholders due Dec. 30 totaling more than $100 million, has been negotiating a forbearance with some of its creditors, said the people, who asked not to be identified because the talks are private. That could buy the company more time to hammer out a financing agreement or craft a reorganization plan.
