Saks Global expects to exit bankruptcy this summer after receiving $500M in financing

The parent company of luxury retailer Saks announced Thursday that it entered into a restructuring agreement with its capital partners who committed to provide $500 million in financing when the company emerges from bankruptcy.

Saks Global Enterprises filed for Chapter 11 bankruptcy protection in January after it missed a $100 million interest payment in December because the company was burdened with $3.4 billion in debt after its $2.7 billion acquisition of Neiman Marcus.

The company...