By Dawn Kopecki

NEW YORK, Jan 13 (Reuters) - Beleaguered luxury retailer Saks Global is close to finalizing $1.75 billion in financing with creditors that would allow its iconic Saks Fifth Avenue, Bergdorf Goodman and Neiman Marcus stores to remain open while the department stores conglomerate reorganizes its debt and operations in bankruptcy, which could be filed as soon as Tuesday, two people familiar with the negotiations said.

The financing would provide an immediate cash infusion of $1 billion through a debtor-in-possession loan from an investor group led by Pentwater Capital Management in Naples, Florida, and Boston-based Bracebridge Capital, the people said.

An additional $250 million in financing would also be available through an asset-backed loan provided by the company's banks, the people said, asking not to be identified because the discussions are private.

A DIP loan helps companies pay salaries, vendors and other ongoing expenses while a company goes through Chapter 11 bankruptcy, allowing it to continue operating while reorganizing its business. DIP financing gives investors priority repayment if the company isn't successful and has to liquidate, so a bankruptcy judge has to sign off on it.

Saks Global, which controls stores and brands that have helped shape America's taste for high fashion over the last century, would have access to another $500 million of financing from the investor group once it successfully exits bankruptcy protection, the sources added.

The negotiations are still fluid and the exact terms of the lending package could change, they cautioned. The financing plan would also need approval from a bankruptcy judge before it is finalized.

The two sources said Saks Global plans to file Chapter 11 "imminently" and the move could come as early as Tuesday.

The DIP finance package would allow Saks Global to repay its vendors and restock depleted inventory, one of the people said, while a Chapter 11 reorganization allows it to continue operating as it restructures its finances and renegotiates lease agreements and other contracts.

The so-called DIP loan could eventually be converted into equity or another type of asset, instead of repaid, if Saks successfully emerges from bankruptcy, one of the people said.

PJT Partners, which is advising Saks on its restructuring, declined to comment. Saks did not immediately return a request for comment.

(Reporting by Dawn Kopecki in New York and Matt Tracy in Washington, DC., editing by Lisa Jucca and Deepa Babington)

((dawn.kopecki@thomsonreuters.com or @DawnK.23 on Signal))