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Top related persons:
Pyrex kitchenware - 1 Ben Gadbois - 1 Davis Polk - 1 Jonathan Stempel - 1 Bill Berkrot - 1
Top related locs:
New York Downers Grove , Illinois United States Canada U.S Houston Texas USA
Top related orgs:
Instant Brands - 2 Cornell Capital LLC - 2 Bloomingdale's Inc - 1 Brands - 1 Federal Trade Commission - 1 Holdings Inc - 1 Bankruptcy - 1 Southern District of - 1

Search resuls for: "Cornell Capital LLC"


3 mentions found


☆ Pyrex, Instant Pot maker files for bankruptcy as sales fall
  + stars: | 2023-06-13 | by ( ) www.cnbc.com   time to read: +1 min
Instant Pot multicookers for sale at Bloomingdale's Inc. flagship department store in New York, U.S., on Wednesday, Oct. 21, 2020. Instant Brands, the maker of Pyrex glassware and Instant Pot pressure cookers, has filed for bankruptcy, saying high-interest rates, tighter credit conditions and falling consumer demand made its debt load unsustainable. Instant Brands, whose products also include Corningware, said it plans to keep operating while it restructures, and toward that end has lined up $132.5 million in financing. The Downers Grove, Illinois-based company has more than 1,800 employees, over half of whom are unionized. Entities located outside the United States and Canada are not seeking court protection.
Organizations: Bloomingdale's Inc, Instant Brands, Cornell Capital LLC Locations: New York, U.S, Houston, Downers Grove , Illinois, United States, Canada
☆ Pyrex kitchenware maker files for Chapter 11 bankruptcy
  + stars: | 2023-06-12 | by ( Jonathan Stempel | ) www.reuters.com   time to read: +1 min
June 12 (Reuters) - Instant Brands, the maker of Pyrex kitchenware, filed for bankruptcy on Monday, saying it had too much debt to withstand rising interest rates and tighter credit conditions. Instant Brands said it plans to keep operating while it restructures, and toward that end has lined up $132.5 million in financing. "Tightening of credit terms and higher interest rates impacted our liquidity levels and made our capital structure unsustainable," Chief Executive Ben Gadbois said in s statement. Instant Brands' portfolio also includes products such as Instant Pot pressure cookers and Corningware. The case is In re: Instant Brands Acquisition Holdings Inc, U.S. Bankruptcy Court, Southern District of Texas, No.
Persons: Pyrex kitchenware, Ben Gadbois, Davis Polk, Jonathan Stempel, Bill Berkrot Organizations: Brands, Cornell Capital LLC, Instant Brands, Federal Trade Commission, Holdings Inc, Bankruptcy, Southern District of, bk, Thomson Locations: Texas, United States, Canada, Downers Grove , Illinois, USA, China, Southern District, Southern District of Texas, New York
☆ Pyrex maker settles over false 'Made in USA' claims
  + stars: | 2023-01-18 | by ( Jonathan Stempel | ) www.reuters.com   time to read: +1 min
Jan 18 (Reuters) - The maker of Pyrex kitchenware agreed to pay a fine and change its marketing practices to settle U.S. claims that it falsely advertised its popular glass measuring cups as "Made in USA" while importing some of them from China. Instant Brands LLC did not admit or deny wrongdoing in Wednesday's settlement with the Federal Trade Commission, which approved it by a 4-0 vote. Despite the shift, Instant Brands marketed the Chinese-made cups as "Made in USA" and as "American as Apple Pie" though the cups were marked "Made in China," the FTC said. Instant Brands did not immediately respond to requests for comment. In 2021, the FTC adopted a "Made in USA Labeling Rule" to protect businesses and consumers from what it called "rampant" fraud by marketers over their products' origins.
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