Tupperware
October 22, 2024
Bankrupt Tupperware Brands agreed on October 22, 2024, to sell its business to a group of its lenders, canceling plans for an open-market auction of its assets, according to court proceedings in Wilmington, Delaware.
The lender group later identified as Party Products LLC, backed by Stonehill Capital Management and Alden Global Capital, offered 23.5 million dollars in cash plus more than 63 million dollars in debt relief for the brand name and operating assets. Tupperware had filed Chapter 11 in September with roughly 818 million dollars in debt after months of failed efforts to find a buyer willing to refinance the company.
U.S. Bankruptcy Judge Brendan Shannon said he would quickly schedule a hearing to consider the sale, calling it likely the best result given the company's difficult circumstances. A faction of lenders had opposed an open auction and sought to take the assets themselves.