Saks Bondholders Agree to Postpone Default

Saks Inc., the luxury retailer under a federal probe over payments from vendors, persuaded bondholders to postpone a default by buying back $533 million in bonds and making special payments.

Holders of the majority of the company’s notes accepted payments to give the company until Oct. 31 to file its annual report, Birmingham, Ala.-based Saks said. The retailer has about $324 million in cash and will receive an additional $620 million from the sale of the Proffitt’s and McRae’s chains to Belk Inc.