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14-06-2023, 09:14 AM
By Jonathan Stempel
June 14, 20234:26 AM GMT+8
June 13 (Reuters) - Instant Brands, the maker of Pyrex glassware and Instant Pot pressure cookers, has filed for bankruptcy, saying high interest rates, tighter credit conditions and falling consumer demand made its debt load unsustainable.
The company, controlled by private equity firm Cornell Capital LLC, and 14 affiliates filed for Chapter 11 protection from creditors on Monday with the federal bankruptcy court in Houston, with as much as US$1 billion in liabilities.
Instant Brands, whose products also include Corningware, said it plans to keep operating while it restructures, and toward that end has lined up US$132.5 million in financing.
https://www.reuters.com/business/pyrex-k...023-06-12/
June 14, 20234:26 AM GMT+8
June 13 (Reuters) - Instant Brands, the maker of Pyrex glassware and Instant Pot pressure cookers, has filed for bankruptcy, saying high interest rates, tighter credit conditions and falling consumer demand made its debt load unsustainable.
The company, controlled by private equity firm Cornell Capital LLC, and 14 affiliates filed for Chapter 11 protection from creditors on Monday with the federal bankruptcy court in Houston, with as much as US$1 billion in liabilities.
Instant Brands, whose products also include Corningware, said it plans to keep operating while it restructures, and toward that end has lined up US$132.5 million in financing.
https://www.reuters.com/business/pyrex-k...023-06-12/
