Court approves Instant Brands bankruptcy restructuring plan

(Source: Corelle)

Housewares retailer Instant Brands, maker of Pyrex and Corelle, announced that the US bankruptcy court has approved its restructuring plan.

The company is now proceeding with the reorganization of its housewares business and transitioning the ownership to its lenders. 

With the exit financing from lenders, the firm expects to emerge from Chapter 11 by the end of the month.

Ben Gadbois, president and CEO of Instant Brands, said this milestone has brought its housewares business another step closer to new ownership and a return to a properly funded capital structure.

“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.”

Gadbois added the company’s global partners will be able to continue working with its housewares business, which will emerge with an “improved capital structure” to drive sustained growth and profitability.

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