How Tupperware evaded foreclosure with Ch. 11 filing

ORLANDO, Fla. — Editor’s note: This story is available as a result of a content partnership between WFTV and the Orlando Business Journal.

Court filings since Tupperware Brands Corp. (NYSE:TUP) filed for Chapter 11 bankruptcy protection Sept. 17 have shown the food storage company most urgently seeks protection from its newest creditors, who are looking to take control.

▶ WATCH CHANNEL 9 EYEWITNESS NEWS

In court filings as well as a Sept. 19 hearing, Tupperware’s attorneys painted the Ad Hoc Group — comprised of New York-based Bank of America NA , Stonehill Institutional Partners LP and Brandon-based Alden Global Opportunities Master Fund LP — as aggressive, impatient and unsympathetic.

Read: State of emergency issued for 41 Florida counties ahead of possible storm

The Ad Hoc Group in July spent in the range of $15 million to $30 million to acquire over $460 million of Tupperware’s debt, said Tupperware’s counsel Spencer Winters of Chicago law firm Kirkland Ellis LLP during the hearing. That’s more than half of the plastic manufacturer’s secured loan — the majority, in fact. Another company, KIA II LLC of Delaware, participated in buying up debt, but did not join the Ad Hoc Group.

Click here to read the full story on the Orlando Business Journal’s website.

Click here to download our free news, weather and smart TV apps. And click here to stream Channel 9 Eyewitness News live.

©2024 Cox Media Group