Party City has proposed a debt-for-equity swap with bondholders that would erase about $450 million of its approximately $850 million debt. The retailer is also planning to raise $100 million in new capital to increase its financial strength and help fund the company’s global operations and ongoing transformation initiatives.
“The transactions set out in this agreement deliver value to our stockholders and provide Party City a path to a significantly strengthened financial foundation as we continue to navigate the current macroeconomic challenges and implement our ongoing transformation initiatives,” – Brad Weston, CEO
Party City is an American publicly traded retail chain of party stores founded in 1986 by Steve Mandell in East Hanover, New Jersey. The retail chain currently has over 850 store locations.
