Instant Brands has received approvals from the U.S. Bankruptcy Court for the Southern District of Texas for its "First Day" motions related to the Company's voluntary Chapter 11 petitions filed on June 12, 2023. Notably, the Court authorized the Company on an interim basis to access and use financing from its existing lenders provided under (i) a $125.0 million debtor-in-possession asset-based revolving credit facility, and (ii) 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 enable the Company 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; and
• Providing housewares and appliance products under its iconic brands.

"We want to thank our lenders and all advisors for working with us and supporting us with new financing," said Ben Gadbois, President and CEO of Instant Brands. "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."    

The Company also reiterated that entities located outside of the United States and Canada are not included in the Chapter 11 filings. Instant Brands continues to operate as usual in Asia, the UK, Europe, Middle East, Australia and New Zealand regions, as well as provide consumers with the iconic housewares and kitchen appliances through all the usual sales channels. The Company's mission to provide innovative products that deliver amazing culinary experiences for all consumers remains unchanged.

Davis Polk & Wardwell LLP is serving as Instant Brands' legal counsel, Guggenheim Securities, LLC is serving as investment banker, and AlixPartners is serving as restructuring advisor.