A filing with the U.S. Securities and Exchange Commission boosted shares of troubled consumer goods maker Tupperware on Thursday.
• Tupperware announces revised credit agreement
• Deadlines pushed back
• Tupperware shares jump
Tupperware introduces new credit agreements
Things have been anything but successful at Tupperware in the past few months. The manufacturer of kitchen and household items warned of possible bankruptcy in April. In August it became known that the troubled company wanted to reorganize its debts, which is why a corresponding restructuring plan was presented. Now Tupperware wants to put words into action. On Tuesday, a letter was filed with the US Securities and Exchange Commission (SEC) stating that there had been a change in credit agreements. The amendment, also known as the “Fifth Amendment,” provides that the deadline for audited financial statements for fiscal year 2022 will be moved from September 16, 2023 to November 1, 2023.
Further deadlines extended
In addition, the balance sheet for the fiscal quarter ended April 1, 2023 will now be published by December 29, 2023, instead of until November 30, 2023 as before. The publication of the figures for the following two quarters will also be postponed, as stated the submission. The restructuring plan, which was actually due on October 1, 2023, will now not be presented until March 15, 2024. In addition, Tupperware announced that it would postpone the deadline for mandatory early repayment of loans as it expects a tax refund from Indonesia.
This is how Tupperware shares react
The news is well received on the stock market: On Wednesday, Tupperware shares left Wednesday trading on the NYSE with a gain of 55.33 percent to $2.33. On Thursday, the share price temporarily rose another 4.67 percent to $2.45.
However, Tupperware shares have lost 37.93 percent of their value since the beginning of the year.
Editorial team finanze.net
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