US-based luxury retailer Saks Global has secured $1.75bn in committed capital and filed for voluntary Chapter 11 protection as part of a financial restructuring. The company commenced proceedings in the US Bankruptcy Court for the Southern District of Texas, outlining plans to stabilise its finances while pursuing an operational transformation. The financing package consists of a$1.5bn commitment from an ad hoc group of senior secured bondholders, together with $240m of incremental liquidity provided b ...