Tupperware senior vice president resigns; gets more time to file financials

By Sarah Lizee

Olympia, Wash., Sept. 18 – Tupperware Brands Corp.’s senior vice president and chief accounting officer, Madeline Otero, has resigned, according to an 8-K filed with the Securities and Exchange Commission.

Her resignation will be effective following the filing of the company’s form 10-K, expected by mid-October.

The company said Otero’s decision to resign after 23 years with Tupperware was not due to any disagreement with the company, its management or the board of directors on any matter relating to its operations, policies or practices.

Tupperware said it is in the process of engaging a consultant to provide coverage of the accounting function and to work closely with Otero to ensure a smooth transition of her responsibilities.

Until a successor is appointed, Mariela Matute, chief financial officer, will serve also as the company’s principal accounting officer.

Financials

The company currently expects to file with the SEC its form 10-K by mid-October, and its first-quarter form 10-Q and second-quarter form 10-Q in the fourth quarter of 2023, but the company said there can’t be any assurance that the documents will be filed by then.

Tupperware previously stated that it has identified multiple prior period misstatements and material weaknesses in internal control over financial reporting for the periods covered by the form 10-K, and it is continuing its work to finalize its financial close process, including the restatement of its previously issued financial statements, and the identification and quantification of material weaknesses.

The company entered into a debt restructuring agreement on Aug. 2, which restructured the facilities under a credit agreement dated Nov. 23, 2021 with Wells Fargo Bank, NA as administrative agent.

Under the restructuring agreement, the company was originally obligated to file the form 10-K by Sept. 16, but the deadline was extended by Wells Fargo to Oct. 2.

To the extent that the form 10-K will be filed after Oct. 2, as Tupperware expects, the company will need to seek consent of a majority of the lenders in order to avoid the delay resulting in a default, which, if not cured within 30 days of Oct. 2, would become an event of default under the credit agreement.

Similarly, the deadline for filing the first-quarter form 10-Q is Nov. 30, and the deadline for filing the second-quarter form 10-Q is Dec. 29, each of which may be extended by 15 days by the administrative agent. If the filings are not made or such extensions are not granted within those time periods, the company would need to seek consent of a majority of the lenders for the same reasons described above with respect to the form 10-K.

If an event of default occurs under the amended credit agreement, a majority of the lenders may exercise remedies, including terminating the revolving commitments, accelerating outstanding amounts and foreclosing on collateral.

Tupperware Brands is a consumer products company based in Orlando, Fla.

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