Party Products LLC

Private company formed by secured lenders to acquire the Tupperware brand and selected operating assets from bankruptcy in November 2024.

Tupperware Brands Corporation filed for Chapter 11 on September 17, 2024, after declining sales, high debt, and repeated going-concern warnings. The debtor first pursued a sale process while continuing operations.

On October 22, Tupperware announced an agreement in principle with secured lenders to form a new Tupperware company. The court later approved an asset purchase agreement dated November 22. The transaction closed on November 27, 2024.

The SEC filing described consideration as a $53.8 million credit bid plus $15.5 million in cash, the bridge payoff amount, adjustments for closing cash, and assumed liabilities. A credit bid allows secured creditors to use debt owed to them as purchase consideration.

Party Products acquired global rights to the Tupperware name and related intellectual property, along with operations in core geographies. The former public corporation remained a bankruptcy debtor after the operating assets changed hands.