We are advising Instant Brands on the sale

Davis Polk is advising Instant Brands Acquisition Holdings Inc., and certain of its affiliates (collectively known as Instant Brands) on the sale of substantially all of its assets and business operations pursuant to section 363 of the Bankruptcy Code to subsidiaries of Centre Lane Partners. Pursuant to asset purchase agreements executed by Instant Brands and Centre Lane following a 4-day contested auction process, Centre Lane will acquire Instant Brands’ housewares and appliances businesses in two separate transactions, for gross purchase prices of $228.2 million and $122.6 million, respectively. Conair IB Appliances Inc. was designated as the alternate bidder for the appliances business. The sales to Centre Lane were approved by the United States Bankruptcy Court for the Southern District of Texas and are subject to regulatory approval and other closing conditions in the United States and Canada.

Instant Brands 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, including Canada, Singapore, England, South Korea, Australia, Taiwan and China.

The Davis Polk restructuring team includes partner Brian M. Resnick, counsel Steven Z. Szanzer and Joanna McDonald and associates Stella Li and Sophy Ma. The corporate team includes partners William J. Chudd and Darren M. Schweiger, counsel Kris D. Desrosiers and associates Brian Lee and Heather Weigel. The antitrust team includes partner Howard Shelanski and counsel Mary K. Marks and Matthew Yeowart. The sponsor finance team includes partner J.W. Perry and counsel Jonathan B. Brown. The tax team includes partner Ethan R. Goldman and counsel Tracy L. Matlock. Partner Travis Triano is providing executive compensation advice. Partner Elliot Moskowitz is providing advice with respect to litigation matters. Members of the Davis Polk team are based in the New York, London and Washington DC offices.