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Retail and wholesale customers across all of the Company’s businesses and brands can expect the same amazing product selection and service. Party City retail stores are open for business and are continuing to serve customers as usual – both in-store and online. This financing will provide the Company with ample liquidity to support continued operations during the process across its retail and consumer products divisions while maintaining momentum on its transformation. PCHI has received final approval of its $150 million debtor-in-possession financing. This would ensure that PCHI is best equipped to continue to advance its transformational initiatives and enhance its market leadership in all things celebration from a strengthened financial position. The Company filed after reaching an agreement with a vast majority of its senior secured noteholders to support a pre-negotiated, expedited restructuring that would significantly reduce its debt and optimize its capital structure and liquidity. Jones and are jointly administered under Case No. The Company's cases have been assigned to the Honorable David R. Bankruptcy Court for the Southern District of Texas. (“PCHI” or the “Company”) and certain of its domestic subsidiaries initiated voluntary Chapter 11 proceedings in the U.S. We project creditor recoveries with an assumed EBITDA range for each of Anagram and PRTY (ex Anagram) between management’s FY2023 and FY2024 projections.On January 17, 2023, Party City Holdco Inc.

While specific bankruptcy plan details have not yet been provided, we attempt to frame potential recoveries for creditors based on the information currently filed in the Chapter 11 docket.

The Company has entered into a Restructuring Support Agreement with an ad hoc group of creditors consisting of Cap Re, Davidson Kempner, Monarch and Silver Point who collectively control 84% of the senior secured notes. The RSA contemplates full equitization of the senior secured notes while the ABL would either be paid out in cash at exit or replaced with a post-petition ABL facility.

Bankruptcy Court for the Southern District of Texas. The Anagram business in addition to certain international subsidiaries are expressly excluded from the Chapter 11 process.

Party City announced on January 17th it had filed for Chapter 11 in the U.S.

We remain available to discuss any investor inquiries regarding the restructuring process, however. We are updating our recommendations on Party City. Our sister company LFI will provide ongoing coverage of key developments throughout the Chapter 11 process.