Saks Default Sends Waves through Private Credit Market

Saks Global, a big shot in the luxury goods branch, defaulted on interest payments on a $100 million bond, and Chapter 11 is looming if Saks does not find a quick solution. Saks has a debt of $5 billion, a good part of which is private credit-financed, like most of the $400 billion-worth luxury sector. Private credit saks, one could say...