Tupperware
February 13, 2024
Tupperware Brands Corporation disclosed that on February 13, 2024 it entered a Forbearance Agreement with lenders under its credit agreement, including Wells Fargo as administrative agent. Lenders agreed to forbear from exercising remedies for specified existing and anticipated defaults through the earlier of June 30, 2024, at 11:59 p.m. Eastern time, or an earlier termination after other defaults.
As a condition to effectiveness, the borrowers made an approximately 10.9 million dollar principal payment on USD Term A Loans. The agreement limits revolving availability to about 36.4 million dollars, reduces the weekly U.S. liquidity minimum from 15 million to 10 million dollars during the forbearance period, and sets business-planning and repayment milestones.
Separately, Tupperware said the NYSE notified it on February 1, 2024 that it had regained compliance with the minimum market capitalization and shareholders' equity standard of Section 802.01B. The company remained noncompliant with NYSE rules on holding a delayed 2022 annual meeting and on timely filing its 2023 Form 10-Q reports, and said it was exploring strategic alternatives with financial advisors.