Tupperware
July 7, 2023
Tupperware Brands Corporation disclosed in a Form 8-K dated July 7, 2023 that on June 30, 2023 it entered a Limited Waiver of Mandatory Prepayment and Payment Deferral Agreement with its lenders. The waiver deferred about 2.5 million dollars, 0.5 million dollars and 2.2 million euros of June 30 term-loan amortization payments until July 31, 2025 and waived a mandatory prepayment tied to about 10.4 million dollars of Indonesian real-estate sale proceeds, conditioned on a 6 million dollar revolving-loan prepayment by July 10, 2023.
Despite the waiver, the company said it was forecasting non-compliance with certain Credit Agreement financial covenants for the first and second quarters of 2023 and insufficient liquidity to make its July 2023 interest payment, which would further limit borrowing. It also cited covenant issues from delayed Form 10-K and Form 10-Q filings and reiterated substantial doubt about its ability to continue as a going concern.
The company said it expected to file its delayed 2022 Form 10-K by August 2023 and its first-quarter 2023 Form 10-Q by late September 2023, while continuing work to restate prior periods and remediate multiple material weaknesses in internal control over financial reporting.