Instant Brands seeks extension of exclusive plan periods

By Sarah Lizee

Olympia, Wash., Oct. 11 – Instant Brands Holdings Inc. is seeking an extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to a motion filed with the U.S. Bankruptcy Court for the Southern District of Texas.

Specifically, the company asked the court to extend the exclusive plan filing period through Nov. 28 from Oct. 10 and the exclusive solicitation period through March 11 from Dec. 11.

The company said it plans to close its asset sales within the coming weeks.

In addition, the official committee of unsecured creditors and an informal group of crossover lenders reached an agreement for the sharing of the remaining distributable value in the debtors’ estates after the application of the sale proceeds.

The company said it is working on formulating a Chapter 11 plan that reflects the terms of the agreement and winds down the estates.

“The relief requested herein would permit the debtors to continue on this timeline and wrap up the Chapter 11 cases in an efficient and cost-effective manner,” the company said in its motion.

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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