Party City Balloon Manufacturer Anagram Files for Bankruptcy (1)

Anagram Holdings, Party City Holdco Inc.’s balloon manufacturing affiliate, filed for bankruptcy with plans to sell itself.

Anagram listed assets and liabilities of as much as $500 million each in a Chapter 11 petition filed in Texas. The filing protects the company from creditors while it works out a way to repay them.

An unidentified bidder has already agreed to buy Anagram out of bankruptcy, court papers show. That bid sets the floor for other offers.

Anagram has debt separate from its parent and didn’t follow most other Party City units into Chapter 11 bankruptcy in January. The ...