Expects to Emerge from Chapter 11 in the Coming Weeks with Strengthened Balance Sheet and Enhanced Financial Flexibility
Continuing to Serve Consumers Around the World with Iconic Brands
DOWNERS GROVE, Ill., Feb. 22, 2024 /PRNewswire/ — Instant Brands (the “Company”), maker of consumer favorites like Corelle®, Pyrex®, Snapware®, CorningWare®, Visions® and Chicago Cutlery®, today announced that the U.S. Bankruptcy Court for the Southern District of Texas has confirmed the Company’s Plan of Reorganization (the “Plan”). The Company expects to successfully emerge as a stronger, well-capitalized standalone housewares business with new owners and iconic brands that is positioned for long-term success.
With the Court’s confirmation, Instant Brands is proceeding with a reorganization of its housewares business and transitioning ownership to the Company’s lenders. The Company will obtain exit financing from its lenders upon consummation of the Plan and anticipates emerging from Chapter 11 by the end of the month.
“We are pleased to have reached this important milestone, bringing Instant Brands’ housewares business another step closer to new ownership and a return to a properly-funded capital structure that will enable the Company’s continued success,” said Ben Gadbois, President and CEO of Instant Brands. “We have achieved the goals we set out when we initiated this process. Last November we separated and sold our appliances business, and set that business up for success under new ownership. For our housewares business, we have continued driving strong performance with market share gain in key categories and secured a bright future for our iconic housewares brands.”
Mr. Gadbois continued, “On behalf of the management team, I want to thank our amazing employees around the world for their incredible patience and resilience throughout this incredibly complex process, all while maintaining a steady focus on serving our loyal customers and consumers. I also want to express my sincere gratitude to our lenders, legal and financial advisors, customers, vendors and all our key business partners for their continued support over the last year. Our partners around the world will be able to continue working with our housewares business that is moving forward with a significantly improved capital structure and is positioned to drive sustained growth and profitability on a global scale.”
Additional Information
Additional information regarding the Company’s court-supervised process is available at Instant Brands’ restructuring website, InstantBrandsRestructuring.com. Court filings and other information related to the proceedings are available on a separate website administered by the Company’s claims agent, Epiq, at https://dm.epiq11.com/InstantBrands, by calling Epiq toll-free at (888) 290-5211 (or (503) 694-4156 for calls originating outside of the U.S.), or by sending an email to [email protected].
Advisors
Davis Polk & Wardwell LLP, Haynes and Boone, LLP and Stikeman Elliott LLP are serving as Instant Brands’ legal counsel, Guggenheim Securities, LLC is serving as investment banker and AlixPartners, LLP is serving as restructuring advisor.
About Instant Brands
The Company designs, manufactures and markets a global portfolio of innovative and iconic consumer lifestyle brands: Pyrex®, Corelle®, Corningware®, Snapware®, Chicago Cutlery® and Visions®. With people-first and purpose-driven solutions in mind, Instant Brands is reimagining how people live, eat, connect, and play inside the home—and in the spaces where people gather. The Company is headquartered in Downers Grove, Ill., and employs more than 1,800 people across three continents. Today, the Company’s products are in millions of homes worldwide. For more information, visit the Company’s website or join the community at LinkedIn, Instagram, and Facebook.
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SOURCE Instant Brands
