(Bloomberg) -- Instant Brands, the Illinois-based bankrupt maker of the Instant Pot pressure cooker and Pyrex glassware, has drawn interest for different parts of its business from parties including Centre Lane Partners and hedge fund Citadel, according to people familiar with the matter. Most Read from BloombergIndians Have Five Days to Deposit $3 Billion in Soon-to-Be-Withdrawn BanknotesIndia-Canada Clash Should Be a Wake-Up CallStocks Edge Up, Bonds Sink as Fed Talk Digested: Markets WrapChin
Citadel has offered to purchase loan holdings from existing lenders at around 7 cents on the dollar, said the people who asked not to be named because the details of the matter are private. It’s asking those who don’t want to sell to team up in a potential bid for certain assets, such as the housewares business, some of the people said. That would allow lenders to use debt they’re owed toward purchasing the company’s assets out of bankruptcy.
Meanwhile, private equity firm Centre Lane is considering a bid for the appliance unit, said some of the people. Deliberations are fluid and there is no certainty that the parties will proceed with a final bid, they added. Instant Brands filed for Chapter 11 protection in June, saying that its balance sheet was weighed down by higher interest rates, tighter credit terms from suppliers, and declining consumer demand. The bankruptcy filing allowed Instant Brands to keep operating while it seeks approval of a plan to repay creditors, including an auction process.The company pushed back the date for a bankruptcy judge to approve its sale hearing to Sept. 29 from a revised Sept.
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Instant Pot and Pyrex Maker Instant Brands Draws Interest From Citadel, Centre LaneInstant Brands, the Illinois-based bankrupt maker of the Instant Pot pressure cooker and Pyrex glassware, has drawn interest for different parts of its business from parties including Centre Lane Partners and Citadel Securities, according to people familiar with the matter.
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