Post by sevenofnine on Jun 13, 2023 10:53:58 GMT -5
WHOA I have instant pot I sometime use it for soup and stuff
The company that makes kitchen staples like CorningWare, Pyrex and the Instant Pot has entered bankruptcy proceedings in the U.S. and Canada.
Illinois-based Instant Brands said Monday that it has "initiated a voluntary court-supervised Chapter 11 process," due to an unmanageable debt load.
"Tightening of credit terms and higher interest rates impacted our liquidity levels and made our capital structure unsustainable," CEO Ben Gadbois said in a news release.
The company has $563 million US of debt on its books, according to Bloomberg, and doesn't currently turn a profit. Ratings agency S&P downgraded the company last week and warned that "absent external funding or debt relief, we anticipate Instant Brands will face a liquidity shortfall over the near term."
www.cbc.ca/news/business/instant-brands-bankruptcy-1.6874487?fbclid=IwAR0uI0tw2YwwnchoukoJLhgH2wB_P_NN8T_g0ohRUNY4_8Yhyp0hFdROPKQ
The company that makes kitchen staples like CorningWare, Pyrex and the Instant Pot has entered bankruptcy proceedings in the U.S. and Canada.
Illinois-based Instant Brands said Monday that it has "initiated a voluntary court-supervised Chapter 11 process," due to an unmanageable debt load.
"Tightening of credit terms and higher interest rates impacted our liquidity levels and made our capital structure unsustainable," CEO Ben Gadbois said in a news release.
The company has $563 million US of debt on its books, according to Bloomberg, and doesn't currently turn a profit. Ratings agency S&P downgraded the company last week and warned that "absent external funding or debt relief, we anticipate Instant Brands will face a liquidity shortfall over the near term."
www.cbc.ca/news/business/instant-brands-bankruptcy-1.6874487?fbclid=IwAR0uI0tw2YwwnchoukoJLhgH2wB_P_NN8T_g0ohRUNY4_8Yhyp0hFdROPKQ
!!
