GoldenTree to buy about $200 million of Saks Global bankruptcy financing, Bloomberg News reports

Jan 20 (Reuters) - Global asset management firm GoldenTree will buy a chunk of a $1 billion bankruptcy financing for luxury retailer Saks Global, Bloomberg News reported on Tuesday, citing people familiar with the matter.

GoldenTree, founded by billionaire Steve Tananbaum, has committed to buy a roughly $200 million portion of the so-called debtor-in-possession financing, according to the report.

Saks Global and GoldenTree did not immediately respond to Reuters requests for comment.

The high-end U.S. department store conglomerate filed for Chapter 11 bankruptcy protection on January 13, barely a year after a debt-laden takeover intended to create a luxury powerhouse by bringing Saks Fifth Avenue, Bergdorf Goodman and Neiman Marcus under the same roof.

Saks Global listed its assets and liabilities in the range of $1 billion to $10 billion in its bankruptcy filing in Houston, Texas.

It carried about $3.4 billion in funded debt, including a $275 million debt related to the Neiman Marcus acquisition set to mature in February, according to a court filing.

In total, Saks Global said it has lined up about $1.75 billion in fresh financing, with $1.5 billion from an ad-hoc group of senior secured bondholders and the rest through its asset-based lenders.