Bondholders Approve Saks Global’s Five-Year Business Plan

Saks Global Enterprises LLC said a key group of bondholders approved its five-year business plan, showing the operator of luxury department stores is progressing toward exiting bankruptcy.

The company has tapped an additional $300 million of its $1.75 billion Chapter 11 financing package, according to a statement. Saks Global said the final tranche provides it with “sufficient liquidity to continue to support operations.”