A Party City store in Indianapolis, Indiana. Credit: Missvain via Wikimedia Commons Paul Weiss Hired for Party City Bankruptcy as Retail and Crypto Firms Drive Restructuring Work
Nine Am Law 200 firms are working on the Party City Chapter 11, while media reports this week foreshadowed filings for Bed Bath & Beyond and FTX-connected crypto lender Genesis Global Trading.
January 19, 2023 at 03:37 PM
2 minute read
National retailer Party City filed for Chapter 11 bankruptcy protection on Tuesday, the latest in a string of retail and crypto bankruptcies that represent a growing share of Big Law restructuring activity.
Declining valuations and tightening credit availability have hit both sectors particularly hard, and the FTX bankruptcy continues to drive affiliated firms toward Chapter 11. This week, CNBC reported that Bed Bath & Beyond is on the verge of a bankruptcy filing, and Bloomberg foreshadowed a Chapter 11 filing for Genesis Global Trading. The crypto lender sustained heavy losses from loans made to hedge fund Three Arrows Capital and trading firm Alameda Research, both of which filed for Chapter 11 in 2022.
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