Instant Brands, a houseware and appliance manufacturer with brands like Pyrex and Instant Pot, received approval from the U.S. Bankruptcy Court for the Southern District of Texas for the first day motions the company filed in relation to the voluntary Chapter 11 petitions it filed earlier this week. The court authorized Instant Brands, on an interim basis, to access and use financing from its existing lenders provided under a $125 million debtor-in-possession asset-based revolving credit facility and a $132.5 million debtor-in-possession term loan credit facility, up to $100 million of which will be immediately funded on an interim basis.
The interim approvals granted by the court will enable Instant Brands to continue:
- Paying employee wages and benefits without interruption
- Paying vendors, suppliers and distributors in full under normal terms for goods and services provided on or after the filing date
- Providing housewares and appliance products under its brands.
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“We want to thank our lenders and all advisors for working with us and supporting us with new financing,” Ben Gadbois, president and CEO of Instant Brands, said. “While we continue our efforts to strengthen our financial position, this court-approved financing gives us the ability to continue to provide all of our great products to consumers around the world during this process.”
