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Joele Frank is handling the Chapter 11 filing of Instant Brands, owner of the Pyrex, Corelle, CorningWare and Instant Pot brands that are found in 90 percent of US households.
CEO Ben Gadbois said while Instant Brands successfully navigated the COVID-19 pandemic and supply chain disruptions, high interest rates and tightened credit terms negatively impacted its liquidity and made its capital structure unsustainable.
With the Chapter 11 filing, Instant Brands receives a commitment for $132.5M in new debtor-in-possession financing and more time and flexibility to continue discussions with its financial stakeholders.
The Downers Grove, IL-based company has appointed Adam Hollerbach, partner and managing director at AlixPartners, chief restructuring officer.
Joele Frank, Wilkinson Brimmer Katcher’s Aaron Palash, Rose Temple and Rachel Goldman work the media for Instant Brands.
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