Neiman Marcus Group reached a transaction support agreement with lenders representing more than 55% of the company’s term loan and holders of more than 60% of its unsecured notes.

The transactions contemplated by the TSA will extend the maturities of participating debt by 3 years, which will provide the company with significantly more runway to implement its transformation plan.

Marble Ridge, who is still engaged in a legal battle with Neiman Marcus after accusing it of improperly transferring assets, responded to the news with continued skepticism.

Marble Ridge stated, “Marble Ridge stands by its publicly expressed concerns regarding Neiman’s questionable financial condition. This proposed transaction by Neiman Marcus, if consummated, will not only result in the stripping of several hundred million dollars of value for the benefit of the out-of-money sponsors, but also substantially increase interest expense for an already over-levered company.

“Accordingly, Marble Ridge is pursuing the appropriate courses of action to protect its interests against the potential serious impairment all stakeholders face as a result of Neiman Marcus’ proposed transaction.”