Tupperware stalls to finalize Chapter 11 plan
A bankruptcy judge has approved another extension for Tupperware Brands Corp., allowing the bankrupt company to further delay filing its Chapter 11 reorganization plan.
Judge Brendan Shannon’s order extends Tupperware’s exclusive right to file a plan until July 14, and the period to solicit creditor acceptances of that plan until Sept.15.
Tupperware filed the motion seeking additional time on April 3, citing the size and complexity of its case — which involves nine affiliated entities and numerous non-debtor foreign subsidiaries — as the reason it needs more time. The motion highlighted the good-faith progress made in negotiating with stakeholders and administering the bankruptcy proceedings, including obtaining approval for the sale of substantially all its assets.
