Tupperware Brands Corp.’s stock
TUP,
is down 6.7% in premarket trades Monday, pulling back after ending Friday’s session up 35.5%. The surge in Tupperware’s shares was fueled by a debt restructuring agreement announced after market close Thursday. In a statement the beleaguered maker of iconic food containers said that it has finalized an agreement with its lenders to restructure its existing debt obligations. The agreement will improve the company’s overall financial position by amending certain credit obligations and extending the maturity of certain debt facilities to allow it to continue with its turnaround efforts, Tupperware said. Also on Thursday, Tupperware said that its second-quarter earnings report will be filed late. In April, Tupperware issued a going-concern warning, essentially cautioning that it could go bust. Tupperware’s stock has run up 337.6% in the past three months, outpacing its year-to-date gain of 15.2%.
