Saks Global’s path out of bankruptcy is getting clearer. 

The luxury retailer’s senior secured bondholders have committed to giving it $500 million in financing when it exits the Chapter 11 process. 

That sets the company up to reemerge this summer with access to significant funds to operate its business and position for the future. 

Geoffroy van Raemdonck, chief executive officer of Saks Global, said: “Achieving this important milestone underscores the progress we are making on our transformation and reflects our capital partners’ confidence in our go-forward vision, guided by our relentless devotion to the luxury customer. As we advance the restructuring process and position Saks Global for the future, our focus remains on strengthening our brand partner relationships, and delivering an expertly curated product assortment and personalized service for our luxury customers across Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman.”

Saks Global said it continues to have “constructive engagement” with stakeholders on its plan of reorganization, which is expected to be filed for court approval in the coming weeks.

While the retailer’s descent into bankruptcy was chaotic, as is often the case, its trip through the restructuring has been a relatively orderly process, at least since the court rejected Amazon’s effort to hold up the company’s DIP financing during the first-day hearing right after the Jan. 13 filing. 

Saks Global has used the last two-and-a-half months to transform its business, tightening operations and narrowing the focus back to its core of retail. The company is shuttering most of the Saks Off 5th stores, liquidating the offpricer’s e-commerce arm, closing 21 department stores and prioritizing three go-forward distribution and service center facilities. 

“In a short period of time, we’ve taken decisive actions and made meaningful progress in stabilizing the business and strengthening our relationships with brand partners,” said van Raemdonck. “While it will take time to fully realize the benefits of this progress, our sales and inventory results continue to outperform our internal plans. This, along with the committed capital we have secured, provides us with sufficient liquidity to complete a successful restructuring and advance our ongoing transformation to ensure a strong future for Saks Global.”

The company went into bankruptcy with a DIP financing commitment from lenders of $1.75 billion. 

That financing didn’t arrive all at once, but has instead been doled out by the court as the restructuring played out, giving the retailer more than $1 billion to see it through the process. 

The flow of money helped thaw relationships with vendors. 

Saks Global said more than 650 brands have started shipping again, releasing $1.5 billion in retail receipts. That represents over 90 percent of the inventory the retailer plans to have on hand for the first quarter, ending May 2. March inventory receipts were up 18 percent year-over-year.

And customers are responding, with the retailer seeing a 6 percent increase in consumer spend per store visit and 11 percent bump up in online conversion. 

The idea is to build on that momentum and to come out of bankruptcy, owned by its former lenders and set up for a fresh start. 

The company said it would be “well-positioned to drive profitability” and said it will have “a stable financial foundation with a right-sized capital structure and sufficient liquidity to invest in key areas of the business to support its long-term growth.”