Instant Brands, maker of the Instant Pot pressure cooker and Pyrex glassware, received court approval on Tuesday to borrow an additional $30 million to fund itself through bankruptcy.
The company has been negotiating with vendors critical to the production of its hallmark kitchen gadgets, and the talks made clear that Instant Brands needed additional money, according to company attorney Brian Resnick. The company has already spent $132.5 million of bankruptcy financing secured at the start of its Chapter 11 case, according to court papers.
“It became apparent as these negotiations proceeded that the debtors would need additional financing to honor the agreements and in order to maintain a stable business,” Resnick said in a bankruptcy hearing Tuesday.
Meanwhile, the manufacturer is in the throes of soliciting interest from potential bidders to sell some or all of its assets. The bid deadline is September 7.
“The sale process is well underway with robust interest in the debtor’s business,” said Resnick.
The case is Instant Brands Acquisition Holdings Inc., 23-90716, US Bankruptcy Court for the Southern District of Texas.
