Tupperware announces debt restructuring plan

It comes after the kitchen containers business warned in April that it could go bust unless it quickly raised new financing, and during a period in which it has been attempting to reposition itself to attract younger shoppers.  

The comprehensive restructuring includes the reduction and reallocation of approximately $150m (£117.6m) of cash interest and fees, and the extension of the stated maturity of approximately $348m (£273m) of principal and reallocated interest and fees to the 2027 fiscal year.  

Additionally, the plan has agreed to the reduction of amortisation payments required through the 2025 fiscal year by approximately $55m (£43.1m), providing it with immediate access to revolving borrowing capacity of approximately $21m (£16.4m).  

Commenting on the news, Tupperware Brands’ chief financial officer Mariela Matute said: “I am confident that this agreement provides us with the financial flexibility to continue executing on our near-term turnaround efforts as well as our long-term strategy to create a global omni-channel consumer brand.

“We are committed to making ongoing progress in improving liquidity and strengthening our capital structure. We appreciate the support of our lenders, who share in our strategy, as we move forward.”