--- schema_version: "secwatch.filing_event.v1" accession: "0000950142-23-002592" form_type: "8-K" ticker: null cik: "0001592058" company_name: "Party City Holdco Inc." filed_at: "2023-10-12T23:59:59+00:00" generated_at: "2026-06-10T00:42:48.920321+00:00" event_type: "other_material" sentiment: "neutral" materiality_score: 0.95 calibrated_materiality_score: 0.95 confidence: "high" source: SEC EDGAR --- # Party City emerges from Chapter 11; old shares canceled, new equity issued, $545M ABL facility closed ## Summary - Plan effective Oct 12, 2023; old common stock canceled; 13,374,519 new shares issued to secured noteholders. - Entered $545M ABL revolving facility (plus $17.1M FILO) maturing Oct 2028, with JPMorgan as agent. - Issued $232.4M of 12% Senior Secured Second Lien PIK Toggle Notes due Jan 2029, with PIK interest option. - Rights Offering raised $75M for 3.6M new shares and part of PIK notes; backstop commitments in place. - Prepetition equity holders received no recovery; secured noteholders received 100% of new equity. ## SEC filing metadata - accession: 0000950142-23-002592 - form_type: 8-K - cik: 0001592058 - company_name: Party City Holdco Inc. - filed_at: 2023-10-12T23:59:59+00:00 - event_type: other_material - sentiment: neutral - materiality_score: 0.95 - calibrated_materiality_score: 0.95 - confidence: high - sec_items: 1.01, 1.02, 2.03, 3.02, 3.03, 5.01, 5.02, 5.03, 7.01, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/1592058/000095014223002592/0000950142-23-002592-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1592058/000095014223002592/eh230409100_8k.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0000950142-23-002592 - JSON: https://secwatch.observer/filing/0000950142-23-002592.json - Plain text: https://secwatch.observer/filing/0000950142-23-002592.txt ## Key facts - Debt Financings Party City Holdco Inc. incurred credit facility of $545 million senior secured asset-based revolving loan facility (with a $60 million sublimit for the issuance of letters with JPMorgan Chase Bank, N.A., as administrative agent and collateral agent at adjusted term SOFR rate, subject to a floor of 0.00%, plus an applicable margin maturing October 12, 2028. - Instrument: credit facility - Principal: $545 million senior secured asset-based revolving loan facility (with a $60 million sublimit for the issuance of letters - Counterparty: JPMorgan Chase Bank, N.A., as administrative agent and collateral agent - Rate: adjusted term SOFR rate, subject to a floor of 0.00%, plus an applicable margin - Maturity: October 12, 2028 - Event: incurrence source text: from time to time, and JPMorgan Chase Bank, N.A., as administrative agent and collateral agent (in such capacities, the “ABL Agent”). The ABL Credit Agreement provides for a $545 million senior secured asset-based revolving loan facility (with a $60 million sublimit for the issuance of letters of credit thereunder) (the “ABL Revolving Facility” and the loans evidence_url: https://www.sec.gov/Archives/edgar/data/1592058/000095014223002592/0000950142-23-002592-index.htm - Executive change Robert Hull was appointed as Director at Party City Holdco Inc.. - Action: appointed - Role: Director source text: As of the Effective Date, the Board consists of the following five directors who were appointed: Neal Goldman, Robert Hull, Mark King, Anthony Truesdale, and Bradley Weston (the Company’s Chief Executive Officer). evidence_url: https://www.sec.gov/Archives/edgar/data/1592058/000095014223002592/0000950142-23-002592-index.htm - Executive change Robert Hull was appointed as Chairman of the Board at Party City Holdco Inc.. - Action: appointed - Role: Chairman of the Board source text: Mr. Robert Hull was appointed to serve as Chairman of the Board. evidence_url: https://www.sec.gov/Archives/edgar/data/1592058/000095014223002592/0000950142-23-002592-index.htm - Executive change Sean Thompson was appointed as Interim CEO at Party City Holdco Inc.. - Action: expected to assume - Role: Interim CEO source text: Mr. Sean Thompson, the Company’s current President & Chief Commercial Officer, is expected to assume the role of Interim CEO upon the effectiveness of Mr. Weston’s resignation. evidence_url: https://www.sec.gov/Archives/edgar/data/1592058/000095014223002592/0000950142-23-002592-index.htm - Executive change Bradley Weston was appointed as Director at Party City Holdco Inc.. - Action: appointed - Role: Director source text: As of the Effective Date, the Board consists of the following five directors who were appointed: Neal Goldman, Robert Hull, Mark King, Anthony Truesdale, and Bradley Weston (the Company’s Chief Executive Officer). evidence_url: https://www.sec.gov/Archives/edgar/data/1592058/000095014223002592/0000950142-23-002592-index.htm - Executive change Brad Weston resigned as Chief Executive Officer at Party City Holdco Inc.. - Action: resigned - Role: Chief Executive Officer source text: On the Effective Date, Mr. Brad Weston provided notice of his intention to resign as Chief Executive Officer (“CEO”) of the Company, effective November 3, 2023. evidence_url: https://www.sec.gov/Archives/edgar/data/1592058/000095014223002592/0000950142-23-002592-index.htm - Executive change Anthony Truesdale was appointed as Director at Party City Holdco Inc.. - Action: appointed - Role: Director source text: As of the Effective Date, the Board consists of the following five directors who were appointed: Neal Goldman, Robert Hull, Mark King, Anthony Truesdale, and Bradley Weston (the Company’s Chief Executive Officer). evidence_url: https://www.sec.gov/Archives/edgar/data/1592058/000095014223002592/0000950142-23-002592-index.htm - Executive change Mark King was appointed as Director at Party City Holdco Inc.. - Action: appointed - Role: Director source text: As of the Effective Date, the Board consists of the following five directors who were appointed: Neal Goldman, Robert Hull, Mark King, Anthony Truesdale, and Bradley Weston (the Company’s Chief Executive Officer). evidence_url: https://www.sec.gov/Archives/edgar/data/1592058/000095014223002592/0000950142-23-002592-index.htm - Executive change Norman S. Matthews resigned as Director at Party City Holdco Inc.. - Action: resigned - Role: Director source text: In accordance with the Plan, Norman S. Matthews, Joel A. Alsfine, Steven Collins, James Conroy, William S. Creekmuir, Sarah Dodds-Brown, Jennifer Fleiss, John A. Frascotti, and Michelle Millstone-Shroff resigned from the board of directors of the Company (the “Board”) on the Effective Date. evidence_url: https://www.sec.gov/Archives/edgar/data/1592058/000095014223002592/0000950142-23-002592-index.htm - Executive change Sarah Dodds-Brown resigned as Director at Party City Holdco Inc.. - Action: resigned - Role: Director source text: In accordance with the Plan, Norman S. Matthews, Joel A. Alsfine, Steven Collins, James Conroy, William S. Creekmuir, Sarah Dodds-Brown, Jennifer Fleiss, John A. Frascotti, and Michelle Millstone-Shroff resigned from the board of directors of the Company (the “Board”) on the Effective Date. evidence_url: https://www.sec.gov/Archives/edgar/data/1592058/000095014223002592/0000950142-23-002592-index.htm - Executive change Michelle Millstone-Shroff resigned as Director at Party City Holdco Inc.. - Action: resigned - Role: Director source text: In accordance with the Plan, Norman S. Matthews, Joel A. Alsfine, Steven Collins, James Conroy, William S. Creekmuir, Sarah Dodds-Brown, Jennifer Fleiss, John A. Frascotti, and Michelle Millstone-Shroff resigned from the board of directors of the Company (the “Board”) on the Effective Date. evidence_url: https://www.sec.gov/Archives/edgar/data/1592058/000095014223002592/0000950142-23-002592-index.htm - Executive change Jennifer Fleiss resigned as Director at Party City Holdco Inc.. - Action: resigned - Role: Director source text: In accordance with the Plan, Norman S. Matthews, Joel A. Alsfine, Steven Collins, James Conroy, William S. Creekmuir, Sarah Dodds-Brown, Jennifer Fleiss, John A. Frascotti, and Michelle Millstone-Shroff resigned from the board of directors of the Company (the “Board”) on the Effective Date. evidence_url: https://www.sec.gov/Archives/edgar/data/1592058/000095014223002592/0000950142-23-002592-index.htm - Executive change Steven Collins resigned as Director at Party City Holdco Inc.. - Action: resigned - Role: Director source text: In accordance with the Plan, Norman S. Matthews, Joel A. Alsfine, Steven Collins, James Conroy, William S. Creekmuir, Sarah Dodds-Brown, Jennifer Fleiss, John A. Frascotti, and Michelle Millstone-Shroff resigned from the board of directors of the Company (the “Board”) on the Effective Date. evidence_url: https://www.sec.gov/Archives/edgar/data/1592058/000095014223002592/0000950142-23-002592-index.htm - Executive change John A. Frascotti resigned as Director at Party City Holdco Inc.. - Action: resigned - Role: Director source text: In accordance with the Plan, Norman S. Matthews, Joel A. Alsfine, Steven Collins, James Conroy, William S. Creekmuir, Sarah Dodds-Brown, Jennifer Fleiss, John A. Frascotti, and Michelle Millstone-Shroff resigned from the board of directors of the Company (the “Board”) on the Effective Date. evidence_url: https://www.sec.gov/Archives/edgar/data/1592058/000095014223002592/0000950142-23-002592-index.htm - Executive change Neal Goldman was appointed as Director at Party City Holdco Inc.. - Action: appointed - Role: Director source text: As of the Effective Date, the Board consists of the following five directors who were appointed: Neal Goldman, Robert Hull, Mark King, Anthony Truesdale, and Bradley Weston (the Company’s Chief Executive Officer). evidence_url: https://www.sec.gov/Archives/edgar/data/1592058/000095014223002592/0000950142-23-002592-index.htm - Executive change Joel A. Alsfine resigned as Director at Party City Holdco Inc.. - Action: resigned - Role: Director source text: In accordance with the Plan, Norman S. Matthews, Joel A. Alsfine, Steven Collins, James Conroy, William S. Creekmuir, Sarah Dodds-Brown, Jennifer Fleiss, John A. Frascotti, and Michelle Millstone-Shroff resigned from the board of directors of the Company (the “Board”) on the Effective Date. evidence_url: https://www.sec.gov/Archives/edgar/data/1592058/000095014223002592/0000950142-23-002592-index.htm - Executive change William S. Creekmuir resigned as Director at Party City Holdco Inc.. - Action: resigned - Role: Director source text: In accordance with the Plan, Norman S. Matthews, Joel A. Alsfine, Steven Collins, James Conroy, William S. Creekmuir, Sarah Dodds-Brown, Jennifer Fleiss, John A. Frascotti, and Michelle Millstone-Shroff resigned from the board of directors of the Company (the “Board”) on the Effective Date. evidence_url: https://www.sec.gov/Archives/edgar/data/1592058/000095014223002592/0000950142-23-002592-index.htm - Executive change James Conroy resigned as Director at Party City Holdco Inc.. - Action: resigned - Role: Director source text: In accordance with the Plan, Norman S. Matthews, Joel A. Alsfine, Steven Collins, James Conroy, William S. Creekmuir, Sarah Dodds-Brown, Jennifer Fleiss, John A. Frascotti, and Michelle Millstone-Shroff resigned from the board of directors of the Company (the “Board”) on the Effective Date. evidence_url: https://www.sec.gov/Archives/edgar/data/1592058/000095014223002592/0000950142-23-002592-index.htm - Governance Changes Party City Holdco Inc.: Company amended its Bylaws to modify provisions regarding director election, removal, special meetings, and advance notice requirements (effective 2023-10-12). - Change: bylaw amendment - Effective: 2023-10-12 source text: Anti-Takeover Provisions Some provisions of Delaware law, the COI and the Bylaws summarized below could make certain change of control transactions more difficult, including acquisitions of the Company by means of a tender offer, proxy contest or otherwise, as well as removal of the incumbent directors. evidence_url: https://www.sec.gov/Archives/edgar/data/1592058/000095014223002592/0000950142-23-002592-index.htm - Governance Changes Party City Holdco Inc.: Company adopted the Third Amended and Restated Certificate of Incorporation after the Effective Date, which changed the authorized capital structure and added anti-takeover provisions (effective 2023-10-12). - Change: charter amendment - Effective: 2023-10-12 source text: After the Effective Date, in accordance with the Plan, the Company will file the Third Amended and Restated Certificate of Incorporation (the “COI”) with the Delaware Secretary of State. evidence_url: https://www.sec.gov/Archives/edgar/data/1592058/000095014223002592/0000950142-23-002592-index.htm - Material Agreements Party City Holdco Inc. entered into ABL Credit Agreement with JPMorgan Chase Bank, N.A. valued at $545 million senior secured asset-based revolving loan facility. - Action: entry - Agreement: credit facility - Counterparty: JPMorgan Chase Bank, N.A. - Value: $545 million senior secured asset-based revolving loan facility source text: ompany and certain of its subsidiaries entered into an ABL credit agreement (the “ABL Credit Agreement”), by and among the Company, as a parent guarantor, Party City Holdings Inc., a Delaware corporation, as the parent borrower (the “Parent Borrower”), evidence_url: https://www.sec.gov/Archives/edgar/data/1592058/000095014223002592/0000950142-23-002592-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.