The US Bankruptcy Court for the Southern District of Texas has approved a Chapter 11 restructuring plan for Instant Brands, the company announced in late February.
Under the terms of the plan, Instant Brands will reorganise its housewares business under new lender-controlled ownership. As part of the restructuring, Instant Brands lenders will offer financing to exit Chapter 11 bankruptcy.
The company, which filed for bankruptcy protection in June 2023, received an additional $30m in new term loan financing from its lenders in August, which increased the amount of its term loan credit facility to $162.5m. In November 2023, an affiliate of private equity firm Centre Lane Partners announced it had agreed to acquire the appliances division o…
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