The company, which just four months ago said it had doubts about whether it can remain afloat announced late Thursday that it had reached a deal with its creditors to reduce its interest payment obligations by $150 million. It also secured $21 million in new financing, an extension on the deadline for paying back about $348 million in debt and a reduction in the amount of debt it owes by around $55 million. In other words, Tupperware\n \n has been given new life.
Some of that has been fueled by some meme energy, with online investors pumping up a stock they believed had low risk and high potential for reward. It also got a boost after investment giant BlackRock stepped in as a partner last month, possibly to help manage its debt load. But Tupperware’s prospects aren’t great. It had been running out of cash, challenged by a large number of competitors. Younger consumers lack awareness of the 77-year-old brand that was once a household name.
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