Tupperware
August 3, 2023
ORLANDO, Fla., Aug. 3, 2023 --
Tupperware Brands Corporation said it finalized a Debt Restructuring Agreement with its lenders effective August 2, 2023, restructuring credit facilities to improve liquidity for its turnaround. The company said the deal provides for reduction or reallocation of about 150 million dollars of cash interest and fees, extension of about 348 million dollars of principal and reallocated interest and fees to fiscal 2027 with payment-in-kind interest, about 55 million dollars less amortization through 2025, and immediate revolving capacity of about 21 million dollars.
Lenders received warrants for about 2.55 million shares, or roughly 4.99 percent of fully diluted common stock, at a 0.01 dollar exercise price. Chief financial officer Mariela Matute said the agreement provides flexibility to execute near-term turnaround efforts and a longer-term omni-channel strategy. Preliminary second-quarter revenue for the period ended July 1, 2023 was estimated at 260 million to 270 million dollars, a material decline from the year-earlier quarter.
The company remained noncompliant with NYSE Sections 802.01B and 802.01C, said it had submitted a business plan to the exchange, and expected delayed Form 10-K, first-quarter Form 10-Q and second-quarter Form 10-Q filings into late summer and fall 2023.