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.
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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.
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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.
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