Social gathering Metropolis mulling second chapter submitting, Bloomberg experiences

(Reuters) – Social gathering Metropolis Holdco Inc (OTC:PRTYQ) is planning a second chapter submitting practically two years after it filed for one within the U.S. because it runs out of money to run operations, Bloomberg Information reported on Tuesday.

Woodcliff Lake, New Jersey-based Social gathering Metropolis is behind on lease at some areas, the report stated, citing folks accustomed to the matter.

Social gathering Metropolis did not instantly reply to a Reuters request for remark.

The corporate first filed for Chapter 11 chapter safety within the U.S. in January final yr, with $150 million in debtor-in-possession financing to help its operations and reported $1 billion to $10 billion of estimated belongings and liabilities.

In September, the retailer reached a plan to exit chapter, which noticed a cancellation of about $1 billion in firm debt and turned all its fairness worth over to the retailer’s lenders.

Troubled retailers typically search chapter safety following the vacation season to make the most of the money cushion supplied by latest gross sales.