Distressed debt experts and investors are approaching Myer offering to help refinance banking facilities as the beleaguered department store retailer moves closer to appointing a new chief executive.
Sources close to Myer say boutique financial adviser Houlihan Lokey which helped restructure about $500 million of debt at South African retailer Edcon in 2016 and is advising lenders to heavily indebted US department store chain Neiman Marcus is one of several firms that have approached the retailer since it reported a record $476 million first-half loss last month.
A spokesman for Houlihan Lokey in Sydney denied the firm was in talks with Myer, while Myer declined to comment.
While is Myer is solvent earning $40 million after t…
Read the full article at: http://www.afr.com/business/retail/myer-approached-by-distressed-debt-experts-lenders-20180418-h0yxut