Consumer lifestyle brands manufacturer Instant Brands and certain affiliates have filed for Chapter 11 process in the US Bankruptcy Court for the Southern District of Texas.
The move is part of the company’s effort to achieve a consensual path to strengthening its financial position.
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Instant Brands is scheduled to receive $132.5m in debtor-in-possession financing from existing lenders to fund itself through bankruptcy.
The company will leverage the new financing and cash generated from ongoing operations to support the business during the court-supervised process.
Instant Brands president and CEO Ben Gadbois said: “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 committed to finding a positive outcome. We thank our Instant Brands employees in factories, distribution centres and offices all over the world for their ongoing hard work and excellence and we also extend our gratitude to our retail partners, suppliers and vendors for their continued support.”
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By GlobalDataHeadquartered in Downers Grove, Illinois, the company has more than 2,000 employees and manufactures and sells consumer lifestyle brands, including Instant, Corelle, Pyrex, Snapware, CorningWare, Visions and Chicago Cutlery.
According to Bloomberg, the company’s bankruptcy petition listed estimated assets and liabilities of as much as $1bn.
Instant Brands said the process would not affect its entities outside the US and Canada.
In addition, the official Instant Brands Connect app will also continue to serve its customers.
Gadbois added: “Instant Brands delivers houseware and small kitchen appliance products designed to meet consumer needs around the world.
“We brought innovation to our core business across all brands, entered several new product categories, expanded our global footprint, progressively improved how we leverage our global infrastructure and last but not least, we have created best-in-class global consumer engagement through our digital eco-system.”
