Instant Brands, operating under Chapter 11 bankruptcy protection, announced it received a commitment for an additional $30 million in new term loan financing from its existing lenders, increasing the amount of the term loan credit facility received by the company to $162.5 million.
The company reported the additional term loan financing, along with the existing $125 million asset-based-lending financing and cash generated from operations, is expected to provide liquidity to fund operations.
Instant Brands, which markets such brands as Instant Pot, Corelle, Pyrex, Snapware, CorningWare, Visions and Chicago Cutlery, filed Chapter 11 in June.
“We are making important progress in our court-supervised process, and the commitment for additional financing reflects our lenders’ confidence in our business and our ability to achieve a successful outcome,” said Ben Gadbois, president and CEO of Instant Brands. “We remain focused on ensuring the continued success of our great brands for all of our consumers around the world. We thank our great employees across the globe, as well as our suppliers, retailers, financing partners and all of our advisors for their continued support for Instant Brands.”