Despite its products being found in millions of homes across the globe, international houseware and appliance manufacturer Instant Brands has filed for Chapter 11 bankruptcy protection.
The company, which is controlled by private equity firm Cornell Capital, cited rising interest rates for its financial difficulties and Chapter 11 filing in the Southern District of Texas, as it attempts to restructure liabilities of as much as $1bn.
Furthermore, despite high market penetration and the companys recent achievements, which includes staying in business during the coronavirus (COVID-19) pandemic and the global supply chain crisis, its debt-laden financial situation has become untenable.
The court filing stated that the manufacturer has liabil…
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