Instant Brands, Corelle dishware group and former Instant Pot maker, announced the restructuring of their US$500+ million of liabilities under Chapter 11 of the U.S. Bankruptcy Code and Part IV of the Companies’ Creditors Arrangement Act. 

The group successfully sold its appliances division (which produces the Instant Pot) through a court-supervised sales process in late 2023 for gross proceeds of US$122.6 million. Around the same time, the group had arranged the sale of its housewares division (which produces Corelle dishware) for gross proceeds of $228.2 million, but that sale failed to close. The group pivoted to a plan of reorganization, which the United States Bankruptcy Court for the Southern District of Texas confirmed on February 22, 2024, and the Ontario Superior Court of Justice (Commercial List) recognized on February 26, 2024. The plan became effective on February 27, 2024

Davis Polk & Wardwell LLP, Haynes and Boone, LLP and Stikeman Elliott LLP are serving as legal counsel for Instant Brands Inc. and certain affiliates. Guggenheim Securities, LLC is serving as the investment banker and AlixPartners, LLP is serving as the restructuring advisor.

The Stikeman Elliott team includes Ashley Taylor, Maria Konyukhova, Nick Avis, Natasha Rambaran, Rania Hammad (Restructuring / Insolvency); Shawn Blundell, Aaron Pearce, Ryan Johnson (Corporate); Howard Rosenoff, Tara Watson (Banking); Jean-Guillaume Shooner, John O’Connor, Philippe St-Hilaire (Tax); Michael Kilby, David Feldman (Competition / Regulatory); Michael Pasquariello, David Yu (Summer Students); Danielle Maalouf (Corporate Clerk).