BRIEF-Neiman Marcus Begins Chapter 11 Proceedings In U.S. Bankruptcy Court

Neiman Marcus Group LLC: * NEIMAN MARCUS GROUP ENTERS INTO A RESTRUCTURING SUPPORT AGREEMENT WITH A SIGNIFICANT MAJORITY OF ITS CREDITORS TO SUBSTANTIALLY REDUCE DEBT AND POSITION THE COMPANY FOR LONG-TERM GROWTH

* NEIMAN MARCUS GROUP ENTERS INTO A RESTRUCTURING SUPPORT AGREEMENT WITH A SIGNIFICANT MAJORITY OF ITS CREDITORS TO SUBSTANTIALLY REDUCE DEBT AND POSITION THE COMPANY FOR LONG-TERM GROWTH * NEIMAN MARCUS GROUP LLC - COMPANY SECURES $675 MILLION DEBTOR-IN-POSSESSION LOAN AND COMMITMENT TO FULFILL $750 MILLION EXIT FINANCING PACKAGE FROM CREDITORS

* NEIMAN MARCUS GROUP LLC - COMPANY COMMENCES VOLUNTARY PREARRANGED CHAPTER 11 PROCEEDINGS * NEIMAN MARCUS - BINDING AGREEMENT WITH HOLDERS REPRESENTING OVER TWO-THIRDS OF OUTSTANDING DEBT

* NEIMAN MARCUS - UPON EMERGENCE, PLANNED CAPITAL STRUCTURE ANTICIPATED TO BE LONG DATED WITH NO NEAR-TERM MATURITIES, ELIMINATE ABOUT $4 BILLION EXISTING DEBT * NEIMAN MARCUS GROUP LLC - PRIOR TO COMMENCEMENT OF CHAPTER 11 PROCEEDINGS, NEW BOARDS OF MANAGERS WERE ESTABLISHED AT TWO DEBTOR ENTITIES,

* NEIMAN MARCUS - EXPECTS TO EMERGE FROM PROCESS IN EARLY FALL 2020 * NEIMAN MARCUS GROUP LLC - CREDITORS HAVE ALSO COMMITTED TO FULFILL A $750 MILLION EXIT FINANCING PACKAGE

* NEIMAN MARCUS - MYTHERESA IS NOT A PART OF CHAPTER 11 PROCEEDINGS AND WILL CONTINUE TO OPERATE INDEPENDENTLY * NEIMAN MARCUS GROUP LLC - EACH BOARD OF MANAGERS CHAIRED BY VAN RAEMDONCK AND INCLUDES AT LEAST ONE INDEPENDENT MANAGER

* NEIMAN MARCUS GROUP LLC - TEMPORARY CLOSURES OF SOME NEIMAN MARCUS, BERGDORF GOODMAN, AND LAST CALL STORES, HAVE BEEN EXTENDED THROUGH MAY 31 * NEIMAN MARCUS GROUP LLC - FURLOUGHS OR TEMPORARY SALARY REDUCTIONS HAVE BEEN PUT INTO EFFECT FOR A LARGE PORTION OF ASSOCIATES THROUGH AT LEAST MAY 31

* NEIMAN MARCUS GROUP LLC - TOTAL OF 10 STORES NATIONWIDE ARE NOW OPEN FOR CURBSIDE PICKUP * NEIMAN MARCUS - COMMENCED VOLUNTARY CHAPTER 11 PROCEEDINGS IN U.S. BANKRUPTCY COURT FOR SOUTHERN DISTRICT OF TEXAS, HOUSTON DIVISION Source text for Eikon: Further company coverage: