The company that makes kitchen staples like CorningWare, Pyrex and the Instant Pot has entered bankruptcy proceedings in the U.S. and Canada.
Illinois-based Instant Brands said Monday that it has “initiated a voluntary court-supervised Chapter 11 process,” due to an unmanageable debt load.
“Tightening of credit terms and higher interest rates impacted our liquidity levels and made our capital structure unsustainable,” CEO Ben Gadbois said in a news release.
In court filings, the company says it owes money to up to 5,000 different creditors, and has liabilities in excess of $500 million US.
As of Monday, the company had about 2,000 employees around the world, including 30
