Instant Brands seeks court approval of bid procedures for assets

By Sarah Lizee

Olympia, Wash., July 3 – Instant Brands is seeking approval of bid procedures for its assets, according to an emergency motion filed June 30 with the U.S. Bankruptcy Court for the Southern District of Texas.

As background, the debtors started their Chapter 11 cases to pursue one or more sale transactions or a standalone restructuring.

After considering strategic alternatives and negotiating with stakeholders and counterparties, the debtors and their advisers decided that a sale of all or some of the assets would be a potential path to maximizing and preserving value for the benefit of the debtors’ stakeholders, Instant Brands said.

Under the proposed bid procedures, the bid deadline would be 4 p.m. ET on Aug. 21, an auction would be scheduled for Aug. 24, and a sale hearing would take place on Aug. 30.

The company is seeking court approval to choose a stalking horse bidder and provide an up to 3% breakup fee and an up to $500,000 expense reimbursement.

Guggenheim Securities, LLC is acting as investment banker.

A hearing on approval of the bid procedures is scheduled for July 12.

Instant Brands is a Downers Grove, Ill.-based manufacturer of kitchen and houseware brands, such as Instant Pot, Pyrex, Corelle, CorningWare, SnapWare, Chicago Cutlery and Visions. The company filed bankruptcy on June 12 under Chapter 11 case number 23-90716.

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