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- Party City Holdco Inc (NYSE:PRTY) has filed voluntary Chapter 11 petitions for relief in the U.S. Bankruptcy Court for the Southern District of Texas.
- The move was taken to implement the company's pre-negotiated restructuring.
- Party City has entered into an agreement with an ad hoc group of holders of more than 70% of the company's senior secured first lien notes to support an expedited restructuring.
- The company has secured a commitment from the Ad Hoc Group for $150 million in debtor-in-possession financing.
- The agreement is to reduce the company's debt and optimize its capital structure and liquidity.
- The company's subsidiaries outside of the U.S., its Party City franchise stores, and its Anagram business, which is the global market leader in foil balloons, are not part of the Chapter 11 proceedings.
- "In the face of pandemic headwinds, a global supply chain crisis, and other macroeconomic challenges that have faced our industry, we have made significant strides in PCHI's ongoing transformation – establishing a solid foundation for long-term growth and continued success as the market leader in the celebrations space," said CEO Brad Weston.
- The restructuring is expected to be completed in the second quarter of 2023.
- Party City Holdco is a vertically integrated designer, manufacturer, distributor, and retailer of party goods in North America.
- Price Action: PRTY shares are trading higher by 11.46% at $0.4171 in premarket on the last check Wednesday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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