{"id":19702,"date":"2020-06-03T23:00:00","date_gmt":"2020-06-03T23:00:00","guid":{"rendered":"https:\/\/icrowdnewswire.com\/?p=2581106"},"modified":"2020-06-03T23:00:00","modified_gmt":"2020-06-03T23:00:00","slug":"deutsche-bank-has-regrets","status":"publish","type":"post","link":"https:\/\/ipsnews.net\/business\/2020\/06\/03\/deutsche-bank-has-regrets\/","title":{"rendered":"Deutsche Bank Has Regrets"},"content":{"rendered":"

Deutsche Bank knows what a troubled debtor<\/a> looks like<\/a>, and has more than its fair share of experience<\/a> with loans that are never going to be repaid. And, well, it’s got a bad feeling<\/a> about that $760 million bankruptcy exit loan it participated in way back in, uh, three weeks ago<\/a>.<\/p>\n

The department-store chain reported that it overvalued the inventory backing the asset-based loan by $159 million, Deutsche said in a Friday court filing. The overvaluation means Neiman [Marcus] is in default, Deutsche said.<\/p>\n

Deutsche Bank said it has “concerns” about allowing Neiman to continue to have access to its cash unless the luxury retailer replenishes a cash collateral reserve meant to protect the bank and other lenders against losses, according to the bank’s court filings.<\/p>\n

When Deutsche Bank can look up for a moment from its own existential crisis<\/a> as have “concerns” about you—concerns that, yes, probably should have come to light during its due diligence process last month but, again, we’re talking about Deutsche Bank here—well, you’re probably not in great shape. And sure enough, Neiman isn’t<\/a>, as evidenced by bankruptcy proceedings worthy of, well, worthy of Deutsche Bank, quite honestly.<\/p>\n

U.S. Bankruptcy Judge David Jones has ordered the official creditors committee to investigate the transfer in 2018 of the company’s Germany-based Mytheresa luxury business to Neiman Marcus’ former shareholders, Ares Management and the Canada Pension Plan Investment Board. Ares and the pension fund led the $6 billion leveraged buyout in 2013 that left Neiman Marcus with unsustainable debt…. “I do not want to see a fiduciary to this estate ever appear in front of me, ever again, unprepared, uneducated and borderline incompetent,” Jones said at the end of the hearing Friday.<\/p>\n

You can see how these two like-minded entities might have gotten together in the first place.<\/p>\n

\n

Summary: <\/strong>
Specifically, it regrets lending Neiman Marcus that money last month.
See Campaign: <\/strong>https:\/\/dealbreaker.com\/2019\/07\/jeffrey-epstein-deutsche-bank-of-course<\/a>
Contact Information:<\/b>
JON SHAZAR<\/p>\n

Tags:<\/b>
<\/a>, Wire<\/a>, Legal Newswire<\/a>, United States<\/a>, English<\/a><\/p>\n

\"image\"<\/div>\n

\n

Contact Information:<\/h3>\n

JON SHAZAR<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

Deutsche Bank knows what a troubled debtor looks like, and has more than its fair share of experience with loans that are never going to be repaid. And, well, it’s got a bad feeling about that $760 million bankruptcy exit loan it participated in way back in, uh, three weeks ago. The department-store chain reported that it overvalued the inventory backing the … Continue reading Deutsche Bank Has Regrets<\/span><\/a> Continue Reading →<\/span><\/a><\/p>\n","protected":false},"author":105,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,12,22,54],"tags":[],"class_list":["post-19702","post","type-post","status-publish","format-standard","hentry","category-english","category-legal-newswire","category-united-states","category-wire"],"yoast_head":"\nDeutsche Bank Has Regrets - Business<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ipsnews.net\/business\/2020\/06\/03\/deutsche-bank-has-regrets\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Deutsche Bank Has Regrets - Business\" \/>\n<meta property=\"og:description\" content=\"Deutsche Bank knows what a troubled debtor looks like, and has more than its fair share of experience with loans that are never going to be repaid. 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