Tupperware Brands said on Thursday it has finalized an agreement with its lenders to restructure its debt obligations in an effort to turnaround its business, sending its shares soaring 57% after the bell.
Various Tupperware containers are seen in this undated still image obtained from a video. Reuters TV via REUTERSsaid on Thursday it has finalized an agreement with its lenders to restructure its debt obligations in an effort to turnaround its business, sending its shares soaring 57% after the bell.
Known for its plastic airtight storage containers and bowls, Tupperware has seen a sharp drop in demand recently as consumers limit discretionary purchases amid higher prices and fears of recession. The agreement also paves the way for the extension of the maturity of about $348 million of principal and reallocated interest and fees to 2027 with payment-in-kind interest.
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