Party City Gets Nod to Solicit Votes on Revised Bankruptcy Plan

Party City Holdco Inc. received conditional approval to solicit votes on its newly revised bankruptcy plan during a bankruptcy hearing on Monday.

• US Bankruptcy Judge David Jones conditionally approved the company’s disclosure statement, which allows the retailer to start collecting votes
• The company recently rehashed its plan after it struggled to meet financial projections
  • Under the plan, lenders who provided bankruptcy financing will have the option to be repaid in second-lien notes instead of cash, court papers show
• Plan includes $232 million of new debt backed by the company’s assets, with interest to be paid in-kind or in cash at ...