Party City Holdco Inc. has received the green light for its restructuring plan.
As part of a plan approved by the U.S. Bankruptcy Court for the Southern District of Texas, the party good retailer, which filed for bankrutpcy in January, will emerge with a leaner balance sheet, its debt reduced by nearly $1 billion. The company had listed assets of $1 billion to $10 billion and liabilities in the same range in its bankruptcy petition.
Also as part of the approved plan, Party City’s equity value will be turned over to lenders who helped support its restructuring.
Source: Chain Store Age
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