Party City Cleared to Exit Bankruptcy, Avoiding Fate of Retail Peers

Bloomberg2023-09-07

(Bloomberg) -- Party City Holdco Inc. on Wednesday received court approval to exit bankruptcy and emerge with a leaner balance sheet, avoiding the fate of retail peers who stumbled in Chapter 11 and ...

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Fed Set to Double Its Economic Growth Forecast After Strong US Data. Soaring US Dollar Raises Alarm as China, Japan Escalate FX Pushback. China Slowdown Means It May Never Overtake US Economy, Forecast Shows. The New Jersey-based retailer is set to hand ownership of the company to lenders and reduce its debt load by some $1 billion, according to court papers. US Bankruptcy Judge David R. Jones on Wednesday said he would approve the company’s restructuring plan.The party supply purveyor has faced a litany of challenges since filing for bankruptcy in January. “There were obviously some trials and tribulations over the summer that the company has been able to overcome,” said Robert Feinstein, an attorney for the official cre","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4200":"专卖店","BK4211":"区域性银行","BBBYQ":"3B家居","CHCO":"City Holding Company","PRTYQ":"Party City Holdco Inc."},"translate_title":"派对城获准退出破产，避免零售同行的命运","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CHCO":1,"BBBYQ":0.9,"PRTYQ":0.9},"content_text":"(Bloomberg) -- Party City Holdco Inc. on Wednesday received court approval to exit bankruptcy and emerge with a leaner balance sheet, avoiding the fate of retail peers who stumbled in Chapter 11 and ceased operations. \nMost Read from Bloomberg\n\nIndia’s Moment Has Arrived, and Modi Wants a New Global Order\nFed Set to Double Its Economic Growth Forecast After Strong US Data\nSoaring US Dollar Raises Alarm as China, Japan Escalate FX Pushback\nBig Tech Leads Stocks Lower as Yields Rise on ISM: Markets Wrap\nChina Slowdown Means It May Never Overtake US Economy, Forecast Shows\n\nThe New Jersey-based retailer is set to hand ownership of the company to lenders and reduce its debt load by some $1 billion, according to court papers. US Bankruptcy Judge David R. Jones on Wednesday said he would approve the company’s restructuring plan.\n“This plan sets the company up for success going forward,” Ken Ziman, an attorney for the company, said during the hearing. “And most important, your honor, this is a plan that preserves thousands of jobs.”\nOther major retailers have not been so fortunate. Bed Bath & Beyond Inc. liquidated after failing to find a way to keep operating after Chapter 11. The story is similar for home goods retailer Christmas Tree Shops LLC, while Jenny Craig Inc. opted to go straight into a liquidation after failing to find a rescuer. \nAs part of the Chapter 11 process, the company shuttered more than 60 stores across the country, but was able to keep the vast majority of its more than 700 stores open, according to court papers. “It wasn’t a wholesale exiting of lease locations,” said Ziman. \nThe party supply purveyor has faced a litany of challenges since filing for bankruptcy in January. “There were obviously some trials and tribulations over the summer that the company has been able to overcome,” said Robert Feinstein, an attorney for the official creditor’s committee.\nAmong the obstacles it has faced: Party City’s long-time auditor unexpectedly quit in June, a move that was quickly followed by a disclosure that the company was preserving documents related to a Securities and Exchange Commission investigation. Party City also struggled to reach a final deal with some of its biggest lenders. In July, it had to rework its bankruptcy plan after struggling to meet financial projections.\nExisting shareholders will be wiped out by the restructuring plan. \n“When you do that waterfall, shareholders are unfortunately out of the money,” said Ziman during the hearing, referring to the repayment line in Chapter 11, in which equity holders are paid back last. \nThe case is Party City Holdco Inc., 23-90005, U.S. Bankruptcy Court for the Southern District of Texas\nMost Read from Bloomberg Businessweek\n\nLyme Disease Has Exploded, and a New Vaccine Is (Almost) Here\nIs Carlos Alcaraz the Next Billion-Dollar Tennis Player?\nHow a Tiny Mexican Border City Built a Budget Dental Empire\nThe Hostile Takeover of Blue Cities by Red States\nCan You Name These Cities?\n\n©2023 Bloomberg L.P.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2365446071"}