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Saks Is Expected to Enter 30-Day Grace Period After Not Making Coupon Payments

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Saks has not made more than $100 million of interest payments due today, Dec. 30, and is expected to enter a 30-day grace period, according to sources.

The luxury department store chain is working on a DIP financing ahead of a potential chapter 11 filing, Octus reported on Dec. 19.

Saks Global’s executive chairman, Richard Baker, told employees that the company is exploring all “potential paths” to secure a strong and stable future for the company, Octus reported yesterday, Dec. 29.

The first-out notes last traded in size at 38.5 today, and the second-out notes last traded in size at about 6.5 on Dec. 26, according to TRACE. Some of the bonds traded flat, as many market participants have expected the company to skip interest payments due today, according to sources.

Saks did not respond to a request for comment.

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