Tupperware Brands Corp. has reached a crucial agreement with its creditors to avoid liquidation, following the involvement of a federal judge overseeing its bankruptcy proceedings.

A group of lenders has reached a preliminary agreement to acquire the company, allowing Tupperware to continue its operations. The lenders will purchase the business using a combination of cash and credit, according to Spencer Winters, the attorney representing Tupperware during a recent hearing in Delaware.

This development is a significant milestone for the well-known brand, which has faced financial difficulties in recent times.