Party City, Creditors in talks to spin off balloon business

Party City Holdco

04/08/2023 20:13

Aug 4 (Reuters) - Party City Holdco is considering
splitting up its balloon manufacturing and retailing businesses
as the latter charts a course out of bankruptcy, Bloomberg News
reported on Friday, citing people familiar with the situation.
    The company has held confidential talks with debt holders
about spinning off its Anagram unit, the report said, adding
that talks are continuing and the situation may change.
    Party City did not immediately respond to Reuters request
for a comment.
    In January, Party City filed for bankruptcy protection after
it saw its fortunes taper following a slowdown in sales due to
lockdowns and store closures.
    This along with inventory shortages and tight supplies of
helium due to global supply chain disruptions hurt the party
supplier further. 
    The company said its subsidiaries outside of the United
States, its franchise stores and its Anagram business were not
part of the bankruptcy proceedings. 


 (Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by
Arun Koyyur)
 ((AnanyaMariam.Rajesh@thomsonreuters.com ; Twitter: https://twitter.com/AnanyaMariam;))