Party City Files Bankruptcy After Pandemic Recovery Falters [Yahoo! Finance News]
Party City Holdco Inc. (PRTY)
Last party city holdco inc. earnings: 3/12 06:55 am
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Source: Yahoo! Finance News
(Bloomberg) -- Party City Holdco Inc. is seeking bankruptcy protection, a final blow for the retailer that struggled to rebound after sales plummeted during the pandemic.Most Read from BloombergThe firm filed for Chapter 11 bankruptcy in the Southern District of Texas on Tuesday, court documents show. It reached a plan with holders of more than 70% of its first-lien secured notes that will see it cut debt and shed leases, according to a statement.Chapter 11 filings allow a company to keep operating while it works out a plan to repay creditors. The creditor group has agreed to provide $150 million to help the company fund itself in bankruptcy.The company’s restructuring plan, which is subject to court approval, calls for the secured bondholders to swap their holdings for equity in the reorganized company. Existing stock will be canceled, with no expected recovery for shareholders.Party City listed assets of $1 billion to $10 billion and liabilities in the same range in its petition. So
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