ORLANDO, Fla. — Editor’s note: This story is available as a result of a content partnership between WFTV and the Orlando Business Journal.
Tupperware Brands Corp. edged closer to a sale of its business at an Oct. 29 hearing in the U.S. Bankruptcy Court for the District of Delaware. Judge Brendan Shannon agreed to approve the sale, but a handful of administrative hurdles remain before the iconic container company officially can change hands.
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The company reached an agreement Oct. 22 to sell to its lenders. Those lenders, called the Ad Hoc Group in court filings, likely will operate Tupperware for a while and then sell the company in hopes of making a profit, said Scott Shuker, a partner at Orlando-based Shuker & Dorris PA, who is not involved with Tupperware.
At the Oct. 29 hearing, Tupperware attorney Spencer Winters of Kirkland & Ellis LLP said “The one issue that needs to be resolved overnight” was termination of certain intellectual property licenses in Europe. The company licenses its intellectual property in Europe through a Swiss entity, Tupperware Products AG. Terminating those licenses is a condition of the sale closing.
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