NEW YORK—A U.S. bankruptcy judge approved a sale of Tupperware Brands on Tuesday, paving the way for the iconic food storage company to soon exit Chapter 11 protection and continue offering its products while undergoing a hoped-for revitalization.
The sale given the court’s green light in Delaware still is 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 agreed to the lender takeover last week, pivoting from a previously planned asset auction. The brand said it expects to operate as The New Tupperware Co. upon completion of the deal….