Welcome to WSJ Pro Bankruptcy's Daily Briefing. It's Friday, January 9. In today's briefing, the parent company of Saks and Neiman Marcus is closing in on a $1.25 billion financing package to carry it through bankruptcy as a going concern, and top creditors of Florida's Brightline railway engaged restructuring advisers to explore its options for dealing with an upcoming coupon.

Saks closes in on bankruptcy financing package. The parent of Saks Fifth Avenue and Neiman Marcus is closing in on a bankruptcy financing package of roughly $1.25 billion, as it prepares to file for bankruptcy in the coming days, according to people familiar with the situation.

Bondholders led by Bracebridge Capital and Pentwater Capital are proposing a $1.25 billion debtor-in-possession loan to fund the chapter 11 proceedings, the people continued. The group expects to take control of the company when the bankruptcy ends.

Brightline creditors engage advisers. Creditors of Fortress Investment Group’s Brightline high-speed railroad in Florida are huddling with advisers to discuss its options for a coming interest payment and possible new financing as ridership continues to underperform, according to people close to the matter.

A majority group of hedge funds holding a series of 11% bonds coming due in 2030 has engaged Davis Polk & Wardwell to advise them on a potential new financing for the company, some of the people said. Bond insurer Assured Guaranty, which guarantees $1.1 billion of a $2.2 billion tranche of senior debt, recently hired law firm Milbank, other people said.

Mayor Mamdani can't halt apartment auction. An auction for Pinnacle Group’s rent-regulated apartment portfolio moved forward as scheduled after a bankruptcy judge denied New York City’s request for a delay.

Judge David S. Jones with the U.S. Bankruptcy Court in Manhattan declined to delay the sale process, in which Summit Properties USA has been named the lead bidder. City officials have questioned if Summit has the resources to maintain the rent-regulated apartments and if the sale would result in a viable business.

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