Instant Pot and Pyrex Maker Instant Brands Files Bankruptcy (1)

Instant Brands, maker of the Instant Pot pressure cooker and Pyrex glassware, filed for bankruptcy on Monday after high interest rates and the pandemic’s gnarled supply chain drained its cash, making its debts unsustainable.

The Downers Grove, Illinois-based company listed estimated assets and liabilities of as much as $1 billion in a bankruptcy petition filed in Texas. The Chapter 11 filing allows Instant Brands to keep operating while it seeks approval of a plan to repay creditors.

The company is slated to receive around $133 million in debtor-in-possession financing to fund itself through the bankruptcy process, the company said in ...