Exclusive: Neiman Marcus creditor calls for deal with Saks Fifth Avenue - letter

(Reuters) - Hedge fund Mudrick Capital Management LP asked Neiman Marcus Group's independent directors on Tuesday to explore a combination with rival department store chain Saks Fifth Avenue, challenging the company's plan to reorganize under bankruptcy protection.A lawyer for Mudrick, which holds portions of Neiman Marcus's roughly $5 billion (4.1 billion pounds) of debt, wrote in a letter to the directors that a sale or merger with Saks would result in better financial recoveries for creditors..