Examples of NMG LTD in a sentence
Neiman Marcus’ CEO, Geoffroy van Raemdonck, sits on both Boards of Managers along with one Disinterested Manager at Holdings (Anthony Horton) and one at NMG LTD LLC (Scott Vogel).
Consistent with the Delaware Limited Liability Company Act, each of NMG LLC, NMG LTD LLC, and Mariposa Holdings were member-managed limited liability companies with no board of directors or managers.
Instead, the Debtors’ funded debt obligations have always been issued or guaranteed by Mariposa Holdings, NMG LTD LLC, NMG LLC, and certain of their guarantor subsidiaries.
In making these designations, NMG LTD LLC relied on specific baskets that it was permitted to use for this purpose.
NMG LTD LLC completed the Designation on March 10, 2017 and publicly disclosed it shortly thereafter.
On June 26, 2020, the Debtors filed an application requesting that the Court authorize the Debtors to retain and employ Alvarez & Marsal North America, LLC, as financial advisors to NMG LTD LLC at the sole direction of Scott Vogel as the disinterested manager of NMG LTD LLC, pursuant to sections 327 and 328 of the Bankruptcy Code [Docket No. 1050].
This resulted in the following core organizational structure: In connection with the Acquisition, both NMG LLC and NMG LTD LLC were renamed and converted into Delaware limited liability companies.
Notably, the Plan reflects a good faith compromise and settlement by the disinterested manager of NMG LTD, on behalf of the Debtors, the Consenting Parent, the Consenting Sponsors, and the Debtors’ secured lenders and bondholders otherwise entitled to assert deficiency claims of any potential estate claims or causes of actions against the Consenting Parent and the Sponsors (the “Disinterested Manager Settlement”).
NMG LTD LLC delivered notices of the designations to the agents under both the Term Loan and ABL Facilities.
The debt agreements also contained exceptions to the covenants known as “baskets” that allowed NMG LTD LLC and its restricted subsidiaries to engage in certain transactions either without limitation or up to specified dollar amounts.Neiman Marcus had significant flexibility afforded by the ability to designate entities as unrestricted subsidiaries and the very broad baskets under the debt agreements.