In a year when many companies have moved from Chapter 11 reorganization to Chapter 7 liquidation, one company has averted that fate.
Filing Chapter 11 takes a company's fate out of its hands. Once a company involves bankruptcy court, it enables a judge to have a say in its future.The problem with having a plan is that things can go wrong. A lender can pull out or a buyer less favorable to management could offer a higher bid.
It's a difficult dance, where the best option is often forcing the company into a Chapter 7 liquidation. Three recent examples of that — Bed Bath & Beyond, Tuesday Morning, and Christmas Tree Shops — all had filed Chapter 11 with hopes of reorganizing their debts and surviving, but they all ended up being liquidated.
Party City lost more than a year of birthdays, holidays, graduations and other celebrations, which forced the company into Chapter 11. That process enabled the company to make needed changes to emerge and get back to its prepandemic business.
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