The maker of popular kitchenware Pyrex, Instant Brands, has made the decision to file for bankruptcy in the United States. The company claimed that its debts had become unsustainable due to rising interest rates. fees and the strictest credit conditions.
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Instant Brands, along with 14 affiliates, including parent company Cornell Capital LLC, filed for protection of Chapter 11 of the United States bankruptcy law, filing in a federal court of bankruptcies. The company is estimated to have assets and liabilities worth up to $1 billion.
Instant Brands has announced its plans to continue operating as normal during the restructuring process after filing for bankruptcy. To this end, the company secured financing of US$132.5 million.
Is this the end of Pyrex?
Chief Executive Ben Gadbois said in a statement that rising interest rates and tighter conditions stringent credit requirements negatively impacted the company's liquidity, making its capital structure unsustainable.
With the filing for bankruptcy and ongoing restructuring, Instant Brands seeks to overcome these financial challenges and ensure its continued operations.
In addition to Pyrex cookware, the Instant Brands portfolio includes other popular products such as Instant Pot and Corningware pressure cookers. The company gained recognition for its products innovative and high quality products in the kitchenware market.
In Canada, for example, involved companies are not part of judicial protection. That is, the action is being filed only in the United States.
At press time, the Downers Grove, Illinois-based company has not responded to a request for additional comment on the situation.
In January, Instant Brands reached an agreement to resolve allegations made by the US Federal Trade Commission (FTC) that the company was misleadingly advertising Pyrex glass measuring cups as "Made in the USA" while importing some of these products from China.
As part of the settlement, Instant Brands agreed to pay a fine and implement changes to its marketing practices. This resolution aimed to ensure that the company provided accurate information to consumers about the origin of its products.
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