Saks Global is in the plan-negotiation and confirmation phase, with the Global Debtors pursuing a reorganization plan while the SO5 Digital Debtors continue a separate wind-down track. The cases followed a January 2026 liquidity break after the 2024 Neiman Marcus acquisition: the company entered chapter 11 with approximately $3.4 billion of funded debt, declining sales, a late-2025 inventory receipts shortfall, step-ups in ABL minimum availability requirements, lender reserves, and roughly $126 million of unpaid late-December interest obligations, as described in the Weinsten first-day declarationDkt. 17. The SO5 Digital Debtors entered with a different posture: their Saks OFF 5TH e-commerce business had been separated from stores, had not produced the expected returns, and was positioned for an orderly self-liquidation and wind-down rather than a going-concern reorganization, according to the Hede first-day declarationDkt. 37.
The Global Debtors’ runway was built around a large multi-facility DIP package. They sought authority for approximately $5.8 billion of postpetition financing and cash collateral use to support a chapter 11 plan process targeted within a 160-day window through the Global DIP financing motionDkt. 49, and the court entered an interim order authorizing the ABL DIP, SGUS DIP, and OpCo DIP structure, including superpriority claims, priming liens, roll-up mechanics, weekly budget controls, and a February 13 final hearing date in the interim DIP orderDkt. 206. For SO5, the court separately approved cash collateral use and adequate protection for Callodine, with budget variance controls, a March 16 challenge deadline, and milestones tied to liquidation sale procedures and repayment, in the .
The Global Debtors filed a reorganization plan on April 5 that would restructure the business through exit financing, new equity, take-back debt and preferred equity, a litigation trust, assumed contracts and leases unless otherwise rejected, and broad releases subject to investigation-related limits, as set out in the chapter 11 planDkt. 1796. Recent filings show the case moving through contested plan and implementation issues: landlords have objected to cure amounts and lease-assumption protections in connection with the amended plan, Marc Metrick has objected to treatment of former D&O indemnification and advancement rights, and SO5 is still shedding operational obligations through a fourth omnibus rejection motion covering a Pottsville lease and 18 executory contracts effective May 31, 2026. The next visible milestones are a June 5, 2026 disclosure-statement hearing and a June 8, 2026 general motion hearing, with SO5 already noticing remote testimony for the June 5 hearing in the remote-testimony noticeDkt. 2367.