Pyrex, kitchenware maker, files for bankruptcy – 06/12/2023 – Market

Instant Brands, maker of Pyrex cookware, filed for bankruptcy in the US on Monday, claiming it has too much debt to support rising interest rates and tighter credit conditions.

Controlled by private equity firm Cornell Capital LLC, the company and 14 affiliates have filed for Chapter 11 protection of US bankruptcy law against creditors in federal bankruptcy court in South Texas with up to $1 billion. dollars in assets and liabilities.

Instant Brands said it plans to continue operating while it restructures and, to that end, has lined up $132.5 million (R$644.23 million) in funding. Entities located outside of the United States and Canada are not seeking legal protection.

“Tightening credit terms and higher interest rates have affected our liquidity levels and rendered our capital structure unsustainable,” Chief Executive Ben Gadbois said in a statement.

The Downers Grove, Illinois-based company did not immediately respond to a request for additional comment.

The Instant Brands portfolio also includes products such as Instant Pot and Corningware pressure cookers.

In January, Instant Brands agreed to pay a fine and change its marketing practices to address Federal Trade Commission allegations that it falsely advertised Pyrex glass measuring cups as “Made in the USA” while importing some of them from China.