Tupperware Amends Lender Forbearance, Extends Repayment Milestone to June 22
Tupperware Brands Corporation disclosed that on June 3, 2024 it entered an amendment to its February 13, 2024 forbearance agreement with Wells Fargo Bank, as administrative agent, and certain lenders under its credit agreement.
The amendment extended the milestone for entering a definitive agreement on certain repayment transactions from May 22, 2024 to June 22, 2024, while the forbearance period itself remained set to expire June 30, 2024 unless earlier terminated. It also let Tupperware retain tax-refund proceeds and up to 3.5 million dollars of net proceeds from selling unused internet-protocol addresses.
The company said permitted revolving credit exposure was cut to about 22.3 million dollars, the weekly U.S. minimum-liquidity requirement was removed, and the cap on unrestricted U.S. cash and cash equivalents was raised from 7 million to 15 million dollars.
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