Consumer
Tupperware Gets Deal to Avoid Liquidation After Judge Intervenes
- Bankruptcy judge urged agreement between debtor, lenders
- Household brand faced threat of liquidation from hedge funds
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Tupperware Brands Corp. hammered out a deal for its creditors to acquire the business, ending a dispute that’s risked a liquidation of the iconic company after a push from the federal judge overseeing the bankruptcy.
An ad-hoc group of lenders and the bankrupt firm reached an agreement-in-principle, in which the lenders will purchase the business in cash and credit, according to Spencer Winters, a lawyer representing the debtor at a Tuesday hearing in Delaware.