Amazon is seeking to block Saks Global’s bankruptcy financing plan, claiming mismanagement has rendered its equity stake worthless. Saks, after filing for Chapter 11, allegedly failed to meet commitments made when Amazon invested $475 million in its takeover of Neiman Marcus. Amazon fears the proposed financing will further harm its recovery chances.

Saks launched a dedicated “Saks at Amazon” storefront as part of the agreement with Amazon, promising at least $900 million in referral fees over eight years. Now, Amazon is concerned that Saks’ debtor-in-possession financing will increase debt and lower its creditor status. Amazon may seek an examiner or trustee if its objections are ignored.

Judge Alfredo Perez has allowed Saks to access $1.75 billion in emergency financing to avoid immediate liquidation. The outcome of Amazon’s objections is pending. The Neiman Marcus deal attracted tech investors like Salesforce, who also became a minority Saks investor. Amazon’s stock closed at $238.18, up 0.62%, and is trading slightly lower after hours at $237.95 on the NasdaqGS.

Read more at Nasdaq: Amazon Challenges Saks Bankruptcy Plan, Says $475 Mln Investment Has Been Wiped Out