Party City received court approval to proceed with store closing sales at approximately 300 locations as part of its bankruptcy restructuring. The January 21, 2025 order from the Texas bankruptcy court establishes comprehensive procedures for the closures, including guidelines for liquidation sales and employee retention bonuses. The retailer is working with Gordon Brothers Retail Partners to implement the store closing process under carefully structured protocols that protect all stakeholders' interests.
US Realm Powder River, LLC has filed a motion seeking court approval for a $2.5 million settlement with US Realm Ventures, LLC to resolve disputes over operating costs and services. The agreement, filed in Wyoming bankruptcy court, includes both cash payment and transfer of membership interests, marking a significant step in resolving outstanding operational disputes.
True Value Company has filed its disclosure statement outlining how it plans to emerge from Chapter 11 bankruptcy following the $153 million sale of its assets to Do it Best Corp. The document details the hardware wholesaler's proposal for distributing sale proceeds to creditors and explains how COVID-19's lasting impact led to significant revenue declines that ultimately forced the company to seek bankruptcy protection.
The Official Committee of Unsecured Creditors in Nostrum Laboratories' bankruptcy case has filed a motion seeking joint control over the company's asset sale process, citing concerns over frequent counsel changes and related-party transactions. The committee's unprecedented request comes as critical sale milestones approach in the New Jersey bankruptcy case.
Yellow Corporation seeks bankruptcy court approval for $66.5 million in property sales, including a $54.5 million deal with Central Transport and a $12 million agreement with RAMAR Land Corporation. The proposed sales follow an extensive marketing process and represent a significant step in the company's ongoing Chapter 11 proceedings.
