Amazon.com Inc. declared its $475 million stake in Saks Global's acquisition of Neiman Marcus "worthless." This declaration follows Saks' recent bankruptcy filing. The tech giant filed a formal objection to Saks' proposed bankruptcy financing plan.
Amazon argues the current plan could disadvantage creditors. Specifically, the company claims the structure pushes Amazon further down the repayment hierarchy.
The filing threatens more "drastic remedies" if its concerns remain unaddressed. These remedies could include motions for the appointment of an examiner or a trustee to oversee the proceedings. This move signals a potentially contentious legal battle over the luxury retailer’s remaining assets and financial reorganization.