Instant Brands, maker of the Instant Pot pressure cooker and Pyrex glassware, filed for bankruptcy on Monday after high interest rates and waning access to credit hit its cash position and made its debts unsustainable.
The company listed estimated assets and liabilities of as much as $1 billion in a bankruptcy petition filed in Texas. The Chapter 11 filing allows Instant Brands to keep operating while it seeks approval of a plan to repay creditors.
The company is slated to receive around $133 million in debtor-in-possession financing to fund itself through the bankruptcy process, the company said in a statement.
“After successfully navigating the Covid-19 pandemic and the global supply chain crisis, we continue to face additional global macroeconomic and geopolitical challenges that have affected our business,” Ben Gadbois, the company’s president and chief executive officer, said in a statement.
