(Bloomberg) -- Creditors of Party City Holdco Inc.’s Anagram business, which manufactures metallic balloons, have hired law firm Milbank amid talks with the company over its liquidity needs, according people with knowledge of the situation.

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Meanwhile, a group of secured bondholders has tapped advisers at Lazard and Davis Polk & Wardwell, said the people, who asked not to be identified because they’re not authorized to speak publicly.

Party City has renewed discussions with creditors in recent days amid a dwindling cash pile and upcoming interest payments in January and February. The company also has a small slug of senior notes maturing in August 2023. It’s hired longstanding advisers at Moelis & Co. and Paul Weiss Rifkind Wharton & Garrison, Bloomberg previously reported.

Representatives at Party City, Milbank and Davis Polk didn’t immediately respond to requests seeking comment. Lazard declined to comment.

Party City had about $92 million of cash available under its asset-based credit lines as of the third quarter. That’s against nearly $1.8 billion of debt, which has veered deeper into distressed territory of late and been deemed unsustainable by S&P Global Ratings.

Its 8.75% first-lien notes due 2026 are trading at around 31 cents on the dollar, down from 38.25 cents on Dec. 1, according to Trace data.

LevFin Insights earlier reported about the debtholder group.

Known for its balloons and other festive supplies, Party City has been squeezed by a helium shortage, costly shipping and consumers wary of rising prices. Sales during the critical Halloween period disappointed investors.