Tupperware
May 8, 2023
Tupperware Brands Corporation disclosed in a Form 8-K that on May 4, 2023 it appointed Brian J. Fox of Alvarez & Marsal as chief restructuring officer to help manage liquidity, operational efficiency, working capital and capital expenditures. The company also said it engaged Moelis & Company to explore strategic alternatives and advise on improving liquidity and capital structure.
On May 5, 2023, Tupperware entered a Fourth Amendment to its Credit Agreement providing a limited waiver that allowed a single 5.3 million dollar borrowing to pay past-due interest despite defaults tied to late audited financials, and imposing additional reporting, CRO and investment-advisor requirements. The company said it expects to file its delayed 2022 Form 10-K within about 50 days and its first-quarter 2023 Form 10-Q within about 75 days.
Preliminary first-quarter revenue for the period ended April 1, 2023 was estimated at 280 million to 290 million dollars, a material decline from the year-earlier quarter. Since the April 7 going-concern disclosure, the company said it identified additional prior-period misstatements and additional material weaknesses in internal control over financial reporting.