Party City Wins Access to $75 Million of Fresh Cash in Bankruptcy [BNN Bloomberg (Canada)]
Party City Holdco Inc. (PRTY)
Last party city holdco inc. earnings: 3/12 06:55 am
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US:NYSE Investor Relations:
investor.partycity.com/investors/default.aspx
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Source: BNN Bloomberg
US Bankruptcy Judge David R Jones in a hearing Wednesday said he would approve the loan, which is the first draw of a proposed $150 million financing package. The cash will allow the beleaguered party supplies retailer to keep paying employees and vendors while working on a plan to restructure more than of $1.4 billion of debt. Mudrick, a Party City creditor, objected to the financing because in order to participate in the deal — the debt bears interest at more than 14% and comes with potentially lucrative fees — the hedge fund would have been required to fully support a restructuring plan proposed by a majority first-lien noteholder group that includes Capital Group Cos Inc. and Silver Point Capital. “This is just not how the process is supposed to work,” Robert Novick, a lawyer for Mudrick, said in the hearing. The existing restructuring proposal has “so many holes in it” and the new financing would allow the first-lien noteholder group to “dilute everyone to oblivion” because
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