For over 100 years, Pioneer has worked hard to manufacture the Very Best Balloons and provide you with unwavering support, inspiration, and education. With you by our side, we have built an incredible industry that delivers joy and celebration worldwide. However, as you’ve probably read or heard, we are now facing some steep challenges. We want you to hear directly from us about our situation and what we are doing to continue for the next 100 years.
The months since the COVID lockdowns have been difficult for us, and we have struggled to produce enough product to meet your needs. We have worked through many different strategies and plans and reached a point when we must focus our energy and resources on the future of Pioneer instead of struggling with the challenges of the past. We plan to do this through a Chapter 11 Reorganization. We intend to continue operations in the ordinary course of business, and we anticipate fulfilling outstanding obligations and debt of the company as part of a successful Chapter 11 Plan. Our affiliates in Australia, Brazil, Canada, Mexico, and the UK are not part of this filing.
Although this is a complex procedure and one new to us, we are working with a team of seasoned professionals to ensure the process goes as smoothly as possible. We know this news may be surprising and worrisome to you, but please know we expect to continue manufacturing and providing you with Qualatex balloons as steadily as possible. Further, this process should help us accelerate the process of filling out the line with sizes and colors that are currently backordered.
We sincerely appreciate your support of Pioneer, both past and present. Our team is ready to move ahead and is looking forward to the opportunities this reorganization can bring.
We will try to keep you updated as we move through the process.
Thank you again for your continuing support.
Daniel A. Flynn
Chief Executive Officer