WASHINGTON (dpa-AFX) - Tupperware Brands Corp. (TUPBQ) has agreed to sell its business to a group of secured lenders, including Stonehill Capital Management Partners and Alden Global Capital.
The company noted that the transaction is expected to involve a private sale of all intellectual property necessary to create and market Tupperware's brand and products, as well as operating assets in the United States and other foreign subsidiaries.
The New Tupperware Company is set to be rebuilt with a start-up mentality, employing an agile methodology in dynamic phases. Initially, the focus will be on key global markets, including the United States, Canada, Mexico, Brazil, China, Korea, India, and Malaysia. The new company plans to expand into European and additional Asian markets thereafter.
The transaction is intended to close by the end of October 2024, subject to approval by the United States Bankruptcy Court for the District of Delaware and other customary closing conditions. Following closing, The New Tupperware Company will be privately held under the supportive ownership of the Lender Group.
Tupperware and certain of its subsidiaries voluntarily initiated Chapter 11 proceedings in the United States Bankruptcy Court for the District of Delaware on September 17, 2024.
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