Party City Holdco Inc.: going-concern / distress — Bankruptcy Court confirms Chapter 11 reorganization; old equity canceled, new stock issued to noteholders

Party City Holdco Inc.

Bankruptcy Court entered confirmation order on Sept 6, 2023 for Fourth Amended Joint Plan.
Prepetition ABL claimants receive Takeback ABL loans or exit facility participation.
Secured notes claims get 100% of new common stock (approx 13.37M shares) and rights offering up to $75M.
Existing common stock (113.8M shares) canceled with no distribution to equity holders.
New common stock not expected to be listed on any national securities exchange.

Key facts

Extracted from this filing and checked against the source text.

Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.9

Party City Holdco Inc. entered chapter 11 in United States Bankruptcy Court for the Southern District of Texas (petition 2023-01-17).

Proceeding: chapter 11
Court: United States Bankruptcy Court for the Southern District of Texas
Petition: 2023-01-17

Exact text from the filing

Party City Holdco Inc. (the “ Company ”) and certain of its subsidiaries (collectively, the “ Debtors ”) filed voluntary petitions (the “ Chapter 11 Cases ”) in the United States Bankruptcy Court for the Southern District of Texas (the “ Bankruptcy Court ”) seeking relief under Chapter 11 of Title 11 of the United States Code (the “ Bankruptcy Code ”).

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Source: SEC EDGAR

accession 0000950142-23-002340

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