Tupperware has finalized an agreement with its lenders to restructure its debt obligations, the company said Thursday
Tupperware Brands Corp.’s stock climbed more than 40% in extended trading Thursday after the beleaguered maker of iconic food containers announced a debt restructuring agreement.
The agreement provides for the reduction/reallocation of $150 million in interest and fees, and an extension of the stated maturity of approximately $348 million of principal and reallocated interest and fees to fiscal year 2027 with payment-in-kind, or PIK, interest.Tupperware also announced the reduction of amortization payments required to be paid through fiscal year 2025 by approximately $55 million, and immediate access to a revolving borrowing capacity of approximately $21 million.
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