Tupperware seals debt restructure deal, shares jump 50%

Tupperware Brands

03/08/2023 22:29

** Shares of Tupperware Brands  TUP.N  jump 50% in extended
trading after home and kitchen products seller announces debt
restructuring
    ** Co says agreement with its lenders restructure existing
debt obligations, improve its overall financial position, amend
credit obligations and extend maturity of debt facilities to
allow it to continue with its turnaround efforts
    ** TUP closed down 4.1% at $3.52 on Thurs
    ** But shares of Tupperware, which recently joined the 'meme
stock' club, have surged ~426% over the past 10 sessions as
retail investors piled into the name
     ** In April, co raised doubts about its ability to continue
as a going concern amid weak sales, and a month later said it
would explore strategic alternatives

 (Tupperware has no family relation or connection to the author
of this piece)
(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))