Saks, the US luxury goods group, has offered to buy back more than half of its public debt after it received a notice of default from one of its main bondholders, Highbridge Capital, a hedge fund owned by JP Morgan.

The offer extends to about $652m (€537m) worth of debt.

William Hutchings

Citigroup

Goldman Sachs

JP Morgan

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Saks to buy back $652m debt

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