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