Court approves Tupperware's sale to lenders, paving way for brand's exit from bankruptcy

A U.S. bankruptcy judge has approved a sale of Tupperware Brands. That paves the way for the iconic food shortage company to soon exit from Chapter 11 protection. The transaction received the court greenlight on Tuesday, although it is still subject to closing conditions. Under terms of the deal, a group of lenders is buying Tupperware’s brand name and various operating assets for $23.5 million in cash and more than $63 million in debt relief. Tupperware announced that it had agreed to the lender takeover last week. The brand said it expected to operate as “The New Tupperware Company” upon completion of the deal. Going forward, customers will still be able to purchase Tupperware products online and through its decades-old network of independent sales consultants.