Tupperware Brands has reached a deal worth $23.5 million with a group of lenders, in addition to receiving over $63 million in debt relief. This agreement has resulted in the cancellation of the planned auction of Tupperware's assets.

The decision was made during a bankruptcy court hearing in Wilmington, Delaware, where U.S. Bankruptcy Judge Brendan Shannon expressed that this outcome was the most favorable given the company's difficult financial situation. Tupperware, based in Orlando, filed for bankruptcy protection last month with a total debt of $818 million.

The company had initially aimed to find a buyer within 30 days, but some lenders opposed the original sale plans and sought to directly claim the assets. The new agreement will allow the lenders to acquire Tupperware's brand name and operations in several important markets, as confirmed by Tupperware attorney Spencer Winters during the court proceedings.