Anagram Holdings sets bid procedures for assets, eyes Dec. 5 auction

By Sarah Lizee

Olympia, Wash., Nov. 9 – Anagram Holdings, LLC filed bid procedures for its assets with the U.S. Bankruptcy Court for the Southern District of Texas.

As a reminder, Anagram is a subsidiary of Party City Holdco Inc., which recently received court approval for its plan of reorganization and emerged from Chapter 11 following its restructuring.

Anagram was not part of those proceedings and continues to support Party City as a retail partner.

An entity formed by about 60% of the company’s first-lien noteholders is acting as stalking horse bidder for the assets. The company plans to solicit competing bids from other interested parties.

Anagram said it estimates that the stalking horse bid consideration is more than $175 million.

The stalking horse agreement doesn’t include a breakup fee, but there is an expense reimbursement of up to $2 million.

According to the bid procedures, the final bid deadline would be 6 p.m. ET on Nov. 30.

An auction would take place on Dec. 5, and a sale hearing would be scheduled for Dec. 18.

A hearing on the bid procedures is scheduled for Nov. 17.

The foil balloon manufacturer is based in Eden Prairie, Minn. It filed bankruptcy on Nov. 8 under Chapter 11 case number 23-90901.

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