Tupperware’s lenders opposed the food storage and kitchen products company’s proposed bankruptcy auction during the company’s first court appearance, cutting off its access to cash and threatening to derail the company’s bankruptcy plans.
But three key lenders, Alden Global Capital, Stonehill Institutional Partners and a trading desk of Bank of America, which bought Tupperware debt with a face value of $450-million in July, quickly opposed the company’s plans. The lenders’ attorney, Allan Brilliant of Dechert, said at a court hearing in Wilmington, Delaware, that the company’s bankruptcy strategy would simply drag out the company’s failed search for a buyer.
Tupperware resisted the lenders’ attempt to quickly foreclose on its assets after that purchase, instead believing that it should be allowed to conduct an open and transparent sale of its assets in a court-supervised bankruptcy proceeding, according to the company’s attorney, Spencer Winters of Kirkland & Ellis.
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