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Tupperware Brands has agreed to a $23.5 million sale to a group of lenders, alongside over $63 million in debt relief, canceling its planned asset auction. The company, which filed for bankruptcy with $818 million in debt, will wind down operations in markets with heavy liabilities, as confirmed by CEO Laurie Ann Goldman. A court hearing will be scheduled to approve the sale, deemed the best outcome given the company's challenging situation.
Tokyo Metro's shares surged 45% in a remarkable market debut, raising 348.6 billion yen ($2.3 billion) and marking Japan's largest IPO in six years. Meanwhile, Starbucks suspended its 2025 guidance amid declining sales for the third consecutive quarter, and Tupperware agreed to a lender takeover, abandoning plans for an asset auction. Norway’s sovereign wealth fund reported a third-quarter profit of 835 billion Norwegian kroner ($76.3 billion).
Tupperware Brands Corp. has reached a deal with its creditors to avoid liquidation, following intervention from a federal judge overseeing its bankruptcy. An ad-hoc group of lenders will acquire the business through a cash and credit arrangement, as confirmed by the debtor's lawyer during a hearing in Delaware.
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Tupperware agrees to lender takeover amid bankruptcy and operational wind down
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Tupperware Brands Corporation
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Brendan Shannon
Spencer Winters
Laurie Ann Goldman
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17:18 23.10.2024
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