Tupperware sold to Party Products LLC
A judge’s order filed Nov. 24 approved the sale of Tupperware’s assets to Party Products LLC.
The company is comprised of the Ad Hoc Group lenders – such as Stonehill Capital Management LLC of New York and Alden Global Capital LLC of West Palm Beach – that in recent months battled with Tupperware for ownership.
The order was filed by Judge Brendan Shannon in the U.S. Bankruptcy Court for the District of Delaware.
Court documents show Party Products LLC is buying the assets through a combination of cash and a credit bid, where a portion of the existing debt is used as payment, according to the filing. Prior to coming to an agreement with Tupperware, the Ad Hoc Group attempted to leverage its creditor position to gain ownership of the assets through only a credit bid and no cash.
