McKool Smith principal Hugh Ray was quoted in The Washington Post article "Neiman Marcus Files for Chapter 11 Bankruptcy." "The Dallas-based retailer has struggled to pay down nearly $5 billion in debt, much of it from leveraged buyouts in 2005 and 2013. The article anticipates that more bankruptcies are likely in the coming months due to the coronavirus pandemic. “You can kick the can down the road for a while, but all of these payments are going to come due in the next 120 days,” Hugh said. “You’ve got a situation where companies that were already failing won’t be able to pay.” The article can be found here.
