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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.
C Street Advisory handles iRobot Corp as the marketer of the Roomba autonomous vacuum cleaner files Chapter 11 after being squeezed by cheaper competitors.
Joele Frank represents Confluent Inc. as the Mountain View, CA-based data streaming platform company agrees to be acquired by IBM in a deal with an enterprise value of $11B.
Tom Johnson, who has headed H/Advisors Abernathy since 2016, will join FGS Global as global head of private capital & financial services, effective Dec. 16.
Brunswick Group and Gagnier Communications are handling Paramount’s $30 cash per-share offer for all of Warner Bros Discovery, topping Netflix $27.50 cash/stock transaction.
ICR Inc. handles communications for Enhanced Ltd, which plans to run Olympic-type competitions with athletes using performance-enhancing drugs, as it goes public in a SPAC deal valued at $1.2B via a merger with A Paradise Acquisition Corp. of Hong Kong.
