The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
BLOOMBERG
Party City Holdco Inc’s bankrupt balloon-manufacturing affiliate, Anagram Holdings, is close to striking an agreement with the retail chain and won court permission to sell the unit to lenders.
Anagram lawyer Nicholas Baker said during a court hearing that the firm is optimistic it will be able to finalise the settlement with its parent company in the coming days. The sale and proposed agreement with Party City would resolve disputes between the companies and allow Anagram to continue operating without interruption, Baker said.
A group of Anagram lenders agreed to take over the balloon business in exchange for forgiving about $168 million in debt.
Lenders are also offering to continue employing all of Anagram’s current employees, Baker said.