Amazon and luxury groups join Saks creditors panel – report

Core Insights - Amazon, Chanel, and LVMH are part of a creditors committee overseeing Saks Global's bankruptcy restructuring [1] - Saks Global has filed for bankruptcy with $3.4 billion in liabilities, primarily due to cash pressures from its merger with Neiman Marcus [3] Group 1: Creditors Committee - The creditors committee consists of ten members, including luxury brands and a labor union representing Saks employees [2] - The committee represents junior creditors, with Saks covering legal expenses during the proceedings [2] Group 2: Financial Obligations - Saks has requested court approval for $337.4 million in payments to "critical" vendors, essential for maintaining inventory and customer retention [3] - The retailer owes significant amounts to luxury brands: $136 million to Chanel, $60 million to Kering, and $26 million to LVMH [3] Group 3: Financing and Objections - Saks Global has secured an initial $500 million from a $1.75 billion financing package to ensure business continuity and support transformation initiatives [5] - Amazon has objected to Saks' proposed financing plan, highlighting its $475 million equity stake and revenue from the "Saks on Amazon" partnership [4]