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Anagram Holdings gets court approval of bid procedures for assets
By Sarah Lizee
Olympia, Wash., Nov. 21 – Anagram Holdings, LLC received approval of the bid procedures for its assets, according to an order filed Monday 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 does not include a breakup fee, but there is an expense reimbursement of up to $2 million.
According to the bid procedures, the final bid deadline is 6 p.m. ET on Dec. 15.
An auction is set for Dec. 19, and a sale hearing is scheduled for Dec. 22.
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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