Amazon Challenges Saks Global's Bankruptcy Financing Plan
Amazon is opposing Saks Global's Chapter 11 financing package, arguing the $1.75 billion plan would burden Saks with more debt and diminish Amazon's $475 million preferred-equity stake, which it says is presumptively worthless after Saks's budget misses. It warns it may pursue drastic remedies, including an examiner or trustee, even as Saks wins initial court approval to tap financing. The clash stems from a prior deal tying Saks-branded goods to an Amazon storefront and the broader Saks- Amazon relationship.