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Party City set to Exit Bankruptcy with $1bn Debt Reduction

Party City Holdco's Chapter 11 bankruptcy plan has been approved by a U.S. bankruptcy judge, resulting in the cancellation of ~US$1bn in company debt and the transfer of all equity value to lenders. While the party supplies retailer will emerge from bankruptcy as a stronger business, a few of its 800 stores will close, but thousands of jobs will be preserved. The bankruptcy, filed in January, was attributed to factors such as high inflation, the COVID-19 pandemic's lingering effects, and helium sourcing difficulties for its party balloons. Party City is one of the largest buyers of balloon grade helium in the US, alongside Dollar Tree.

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