Instant Brands’ Restructuring Proceedings

Goodmans LLP is counsel for Ernst & Young Inc. (“EY”) in its capacity as court-appointed information officer (the “Information Officer”) in the recognition proceedings of Instant Brands Inc. (“Instant Brands Canada”) under Part IV of the Companies’ Creditors Arrangement Act (the “CCAA”). 

Instant Brands Canada is the Canadian operating entity of a group of companies (collectively, the “Company”) with operations in North America, Asia, the United Kingdom and Australia that designs, manufactures and markets a variety of kitchen and household brands, including Instant Pot®, Pyrex®, Corelle®, and Corningware®, among others. The Company employs approximately 2,000 employees throughout North America. 

The Company has been negatively impacted over recent years by certain operational and financial challenges, including a heavy debt burden consisting of approximately US$512.3 million of outstanding principal funded debt obligations. On June 12, 2023, Instant Brands Canada and a number of its affiliates (collectively, the “Chapter 11 Debtors”) commenced proceedings (the “Chapter 11 Cases”) under chapter 11 of title 11 of the United States Code with the United States Bankruptcy Court for the Southern District of Texas (the “U.S. Court”). As part of the Chapter 11 Cases, Instant Brands Canada was authorized to act as the foreign representative of the Chapter 11 Debtors, and in such capacity, commenced CCAA recognition proceedings before the Ontario Superior Court of Justice (Commercial List) (the “Ontario Court”). Pursuant to an Order of Justice Osborne of the Ontario Court granted on June 15, 2023, EY was appointed as the Information Officer in the CCAA recognition proceedings.