Party City Creditors Organize Ahead of Interest Payment Deadline

Creditors of Party City Holdco Inc.’s Anagram business, which manufactures metallic balloons, have hired law firm Milbankamid talks with the company over its liquidity needs, according people with knowledge of the situation.

Meanwhile, a group of secured bondholders has tapped advisers at Lazard and Davis Polk & Wardwell, said the people, who asked not to be identified because they’re not authorized to speak publicly.

Party City has renewed discussions with creditors in recent days amid a dwindling cash pile and upcoming interest payments in January and February. The company also has a small slug of senior notes ...