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Kekst CNC is handling the bankruptcy filing of Party City Holdco Inc., which has more than 800 celebrations stores in 45 states, as well as Halloween City seasonal pop-up outlets.
Brad Weston, CEO, cited the pandemic, the supply chain crisis and other macroeconomic challenges among reasons for the financial restructuring that will slash corporate debt.
Chapter 11 will strengthen Party City’s balance sheet “and bolster our ability to further advance our strategic priorities and continue to innovate and elevate the customer experience,” he said.
Weston said Party City is “as committed as ever to inspiring joy by making it easy for our customers to create unforgettable memories.”
The financial overhaul of the Woodcliff Lake, NJ-based company is expected to be completed during the second quarter.
Kekst CNC’s Sherri Toub and Wendi Kopsick represent Party City.
Edelman handles Viking Holdings, the river and ocean luxury cruise line that plans to raise $1B via an IPO priced in the $21 to $25 per share range.
Teneo is handling the initial public offering of CVC Capital Partners, one of Europe’s largest private equity firms with nearly $200B in assets under management.
Brunswick Group represents Endeavor Group Holdings as it agrees to go private via its acquisition by Silver Lake technology investment firm, which is handled by Edelman Smithfield.
Tod Donhauser, a nine-year veteran of Edelman, has joined H/Advisors Abernathy as managing director and head of its San Francisco office.
Intelligent Group Ltd, a Hong Kong-based financial PR firm, has priced its initial public offering of 1.9M shares at $4, which is the low end of the $4 to $5 range.
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