Results

Tupperware Brands Corporation

10/03/2024 | Press release | Distributed by Public on 10/03/2024 14:46

Material Event Form 8 K

Item 8.01. Other Items.
As previously reported, on September 17-18, 2024, Tupperware Brands Corporation (the "Corporation") and certain of its direct and indirect subsidiaries (together with the Corporation the "Debtors") filed voluntary petitions to commence proceedings under chapter 11 (the "Chapter 11 Cases") of title 11 of the United States Code in the United States Bankruptcy Court for the District of Delaware (the "Bankruptcy Court"). The Chapter 11 Cases are being jointly administered under the caption In re Tupperware Brands Corporation, et al., Case No. 24-12156 (BLS).
On September 27, 2024, the Bankruptcy Court entered theInterim Order (I) Approving Notification and Hearing Procedures for Certain Transfers of and Declarations of Worthlessness with Respect to Common Stock and (II) Granting Related Relief [Docket No. 102] (the "NOL Order"). The NOL Order is designed to assist the Debtors in preserving certain of their tax attributes by establishing, among other things, the procedures (including notice requirements) that certain stockholders and potential stockholders must comply with regarding transfers of, or declarations of worthlessness with respect to, the Corporation's common stock, as well as certain obligations with respect to notifying the Debtors with respect to current stock ownership (the "Procedures").
The terms and conditions of the Procedures were immediately effective and enforceable upon entry of the NOL Order by the Bankruptcy Court. Any actions in violation of the Procedures (including the notice requirements) are null and void ab initio, and (a) the person or entity making such a transfer will be required to take remedial actions specified by the Debtors to appropriately reflect that such transfer of the Corporation's common stock is null and void ab initioand (b) the person or entity making such a declaration of worthlessness with respect to the Corporation's common stock will be required to file an amended tax return revoking such declaration and any related deduction to reflect that such declaration is void ab initio.
Additional Information on the Chapter 11 Cases
Court filings and information about the Chapter 11 Cases, including the NOL Order, are available online at https://dm.epiq11.com/Tupperware, a website administered by Epiq Corporate Restructuring, LLC, a third-party bankruptcy claims and noticing agent ("Epiq"), or by contacting Epiq at [email protected] or by calling toll-free at (888) 994-6318 or +1 (971) 314-6017 for calls originating outside of the U.S. The documents and other information available via website or elsewhere are not part of this Current Report and shall not be deemed incorporated herein.
Cautionary Note Regarding the Corporation's Securities
The Corporation cautions that trading in its securities (including, without limitations, the Corporation's Common Stock) during the pendency of the Chapter 11 Cases is highly speculative and poses substantial risks. Trading prices for the Corporation's securities may bear little or no relationship to the actual recovery, if any, by holders of the Corporation's securities in the Chapter 11 Cases. The Corporation expects that holders of shares of the Corporation's Common Stock could experience a significant or complete loss on their investment, depending on the outcome of the Chapter 11 Cases.