Saks saved with 1 billion dollar emergency loan

Saks Global has been saved, at least for the time being: the American luxury department store group has been given the green light for a $1 billion emergency loan. The loan is part of a broader financing package.

Suppliers agree after all

The court in Houston approved the entire financing package worth $1.75 billion (around €1.61 billion), including the emergency loan of $1 billion. The financing is intended to stabilize supply and also includes the refinancing of existing debts.