Saks Global Enterprises creditors that hold more than half of its $2.2 billion bond due 2029 have organised and are preparing for potential talks with the company regarding its financing options, according to people with knowledge of the matter. 

The group has hired Lazard Inc. and Paul Weiss Rifkind Wharton & Garrison as advisers, said the people, who asked not to be named because they’re not authorised to speak publicly. 

Representatives for Saks and Lazard declined to comment, while Paul Weiss didn’t respond to requests seeking comment.

Saks, the luxury retailer that acquired Neiman Marcus last year, recently tapped Kirkland & Ellis and PJT Partners to help it explore ways to raise new financing alongside a separate asset-based loan it’s pursuing. 

Saks’ bond has plunged since it was issued in December to help finance the takeover, trading at around 46 cents on the dollar Friday, according to Trace data.

By Reshmi Basu, Jill R. Shah and Eliza Ronalds-Hannon

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