We are advising Instant Brands in connection with the restructuring

Davis Polk is advising Instant Brands Acquisition Holdings Inc. and certain of its affiliates (collectively, “Instant Brands”) in connection with their restructuring under chapter 11 of the United States Bankruptcy Code. Instant Brands intends to use the restructuring process to protect and support its ongoing business operations and address its debt and unfunded pension obligations while it works toward an orderly and efficient sale of the business or restructuring under a plan of reorganization.

On June 12, 2023, Instant Brands filed voluntary chapter 11 petitions in the United States Bankruptcy Court for the Southern District of Texas. At a hearing on June 13, 2023, Judge David R. Jones approved Instant Brands’ debtor-in-possession financing on an interim basis. Notably, the Court authorized Instant Brands on an interim basis to access and use financing from its existing lenders provided under (i) a $125.0 million debtor-in-possession asset-based revolving credit facility and (ii) a $132.5 million debtor-in-possession term loan credit facility, up to $100 million of which will be immediately funded on an interim basis. In addition, the Court granted Instant Brands all of its requested relief in its first-day motions, including the authority to pay a significant amount of prepetition critical vendor obligations and to pay employee wages and benefits in the ordinary course.

Instant Brands is a company that designs, manufactures and markets a global portfolio of innovative and iconic consumer lifestyle brands, including Instant, Pyrex, Corelle, Corningware, Snapware, Chicago Cutlery and Visions. Headquartered in Downers Grove, Illinois, Instant Brands and its affiliates sell their products worldwide, employ more than 2,000 people and operate in several countries outside the United States.

The Davis Polk restructuring team includes partners Brian M. Resnick and David Schiff, counsel Steven Z. Szanzer and Joanna McDonald and associates Paavani Garg, Stella Li, Sophy Ma, Moshe Melcer, Linyang Wu and Lily Zhou. The finance team includes partner J.W. Perry, counsel Jonathan B. Brown and Bernard Tsepelman and associate Natalie Lin. Partner William J. Chudd provided corporate advice. Partner Elliot Moskowitz provided litigation advice, partner Ethan R. Goldman provided tax advice and partner Travis Triano provided executive compensation advice. Members of the Davis Polk team are based in the New York and London offices.