Tupperware
October 29, 2024
NEW YORK, October 29, 2024 --
A U.S. bankruptcy judge in Delaware approved Tupperware Brands' proposal to sell assets to its lenders, clearing a path for the housewares company to exit Chapter 11 with most operations intact.
Under the deal, a lender group including Stonehill Capital Management and Alden Global Capital is buying the Tupperware brand name and various operating assets for 23.5 million dollars in cash and more than 63 million dollars in debt relief. Tupperware said it expects to operate as The New Tupperware Co. after closing, with an initial focus on the United States, Canada, Mexico, Brazil, China, South Korea, India and Malaysia.
Tupperware attorney Spencer Winters told the court the company had tried for months to find a buyer willing to refinance about 818 million dollars of debt before the September bankruptcy filing and called the lender sale a great outcome that preserves the business, customer relationships and jobs. Closing remained subject to conditions, including resolution of an issue with a Swiss entity.