Bankrupt Tupperware Agrees to $23.5M Lender Takeover, $63M Debt Relief, Cancels Auction

Oct 22, 2024, 07:25 PM

Bankrupt Tupperware Brands has agreed to sell its business to a group of lenders for $23.5 million in cash and over $63 million in debt relief. This decision cancels the company's plans for an open-market auction of its assets. The agreement, reached on Tuesday, comes after Tupperware filed for bankruptcy protection last month with $818 million in debt and a plan to find a buyer within 30 days. The deal ends a monthlong dispute that risked the liquidation of the iconic company. A judge's intervention helped Tupperware avoid liquidation.