This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Classic Party Rentals’s Acquisition By Apollo Global Management Receives Court Approval; Path Cleared For Transaction Close In May

Stocks in this article: APO

Classic Party Rentals (“Classic” or the “Company”), the nation’s leading event rental and services provider, today announced that the United States Bankruptcy Court for the District of Delaware has approved the acquisition of substantially all of the business of Event Rentals, Inc. and its subsidiaries, d/b/a Classic Party Rentals, by funds managed by Apollo Global Management, LLC (NYSE: APO) (together with its consolidated subsidiaries, “Apollo”).

Upon completion of the transaction, Classic will be financially and operationally stronger – with more extensive product and service capabilities and outstanding customer service. Classic continues to expect the transaction will close by the end of May.

“We are extremely pleased to have received the Court’s approval, which underscores our belief that Classic’s sale to Apollo is in the best interest of all of our stakeholders and puts the Company in a terrific position to continue to lead the U.S. event services industry,” said Jeff Black, Classic Party Rental’s President and Chief Executive Officer. “We continue to see Apollo as a powerful partner for Classic and believe that their support helps pave the way for a financially-stronger Classic to provide our premier service, refreshed inventory and even more innovative events for our customers. We remain confident that Classic has a very bright future ahead.”

As previously announced, on April 21, 2014, Apollo submitted the winning offer to acquire substantially all of Classic’s business, as part of the Company’s court-supervised auction process under Section 363 of the Bankruptcy Code. Initially, a newly established entity owned by the Company’s current lenders had been named on February 14, 2014, as the stalking horse bidder, when Classic filed voluntary petitions for relief under chapter 11 of the United States Bankruptcy Code. Classic then completed a marketing process to seek the highest and best offer to acquire its business in accordance with the bid procedures approved by the court, and Apollo’s competitive offer emerged as the winning bid.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,164.95 -251.90 -1.45%
S&P 500 1,994.99 -26.26 -1.30%
NASDAQ 4,635.24 -48.1670 -1.03%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs