Instant Brands is taking steps to strengthen our company as we continue providing housewares and appliance products under our iconic brands.
On June 12, 2023, Instant Brands and certain of its affiliates initiated a voluntary Chapter 11 process that provides us time and flexibility to continue ongoing discussions with our sponsor, lenders and other financial stakeholders in an effort to achieve a consensual path forward that strengthens our financial position. As part of the process, we will seek the best go-forward outcome for our brands and our business.
As we move through this process, we remain focused on serving and connecting with our consumers around the world, and we are grateful for their trust in us and our products.
We are continuing to provide consumers our iconic brands, innovative products and home goods under the Instant Brands®, Corelle®, Pyrex®, Snapware®, CorningWare®, Visions® and Chicago Cutlery® brands.
During the court-supervised process, Instant Brands will continue:
Instant Brands and certain of its North American affiliates filed voluntary petitions for reorganization under chapter 11 of Title 11 of the United States Code (“Chapter 11”) in the U.S. Bankruptcy Court for the Southern District of Texas.
The Company’s entities located outside the U.S. and Canada are not included in the Chapter 11 filings. As you may know, Chapter 11 is a legal tool in the United States that enables companies like ours to continue operating as they strengthen their financial positions in an efficient and orderly manner.
In connection with the court-supervised process, we have received a commitment of $132.5 million in new financing. Once it is approved by the Court, this new financing, combined with cash generated from our ongoing operations, is expected to support the business during the court-supervised process.