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Consumer products
INSTANT POT MAKER SAYS IT WILL GAUGE SALE OFFERS IN CHAPTER 11
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MORE LIKE THIS
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June 13, 2023 06:53 PM 21 hours ago
(Bloomberg) — Instant Brands Inc., the maker of Instant Pot and Pyrex
kitchenware, will solicit offers to sell the business in bankruptcy while
considering alternative transactions to restructure more than $500 million in
debt on its balance sheet, a company lawyer said late Tuesday.
Instant Brands lawyer Brian Resnick said during a virtual court hearing that
company advisers will explore both options as the company tries to figure out
how to get out of Chapter 11. The Downers Grove-based company, which is owned by
private equity firm Cornell Capital, could use Chapter 11 to restructure its
balance sheet if it can find an investor to fund a Chapter 11 plan; a buyer
could purchase Instant Brands’ assets or lenders could takeover the business in
exchange for debt relief, Resnick said.
“All those options are on the table,” he said.
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Instant Brands wants parties to submit indications of interest by July 27 and is
targeting an Aug. 23 bid deadline, according to a slide show company lawyers
played during Tuesday’s hearing. In the meantime, Instant Brands will continue
operating its business as normal, Resnick said.
The company already cleared an initial hurdle in its Chapter 11: It won court
approval for a roughly $133 million Chapter 11 financing to fund the business
and keep its factory’s running during bankruptcy. The structure is “somewhat
unusual,” Instant Brands lawyer David Schiff said, necessitated by a complex
debt deal the business used to raise new money early this year.
Never miss a story. Subscribe today.
Instant Brands performed a so-called drop-down transaction in January in which
the company transferred to two new subsidiaries its manufacturing facilities in
New York and Pennsylvania, equipment and other property. The move allowed the
company to get more liquidity but trading prices for its debt fell. Beginning in
the second quarter, Instant Brands vendors and suppliers shortened payment terms
which further stressed the business, the company said in a court filing.
Instant Brands joins a handful of other companies that executed similar
transactions before ultimately ending up in Chapter 11, including Serta Simmons
Bedding and aerospace supplier Incora.
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Schiff said Tuesday that Instant Brands’ lenders would only provide Chapter 11
financing if they know “they have a clear first lien with no possibilities of
obligations springing back that could come ahead of them.” The company said it
was in desperate need of funding to continue operating the business in
bankruptcy.
Matthew Roose, a lawyer representing a group of Instant Brands lenders, said the
Chapter 11 financing addresses the fact that the manufacturing facilities and
other assets that were moved to the new subsidiaries were the lenders’
collateral. Company lenders include Pacific Investment Management Company and
AGL Credit Management LP, according to a Tuesday court filing.
Judge David R. Jones said he’d give Instant Brands initial approval of the
bankruptcy financing, saying he was satisfied the arrangement wasn’t intended to
give a particular group of company creditors an unfair edge in the case.
Instant Brands filed Chapter 11 on Monday, blaming the bankruptcy on a
confluence of negative events including high interest rates and waning demand
for Instant Pots following a boom during the start of the pandemic and desire by
more consumers to go out-to-eat when Covid-19 era restrictions eased.
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--------------------------------------------------------------------------------
News, Consumer Products, Finance, Private Equity
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INSTANT POT AND PYREX MAKER FILES FOR BANKRUPTCY
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