Tupperware Lenders Challenge Bankruptcy Sale Procedure Efforts

A group of Tupperware Brands Corp. lenders objected to its latest proposal to solicit bids, saying the fallen food container-maker is trying to strip secured lenders of their right to credit bid.

Tupperware has been unable to solicit a bid that would cover the debt it owes, as the highest offer it received in a 2023 bid process would cover less than 20% of the $817 million in its principal amount outstanding under various credit agreements, the lenders, including Bank of America, said in an Oct. 11 filing in the US Bankruptcy Court for the District of Delaware.

The company’s ...