(CNN) – Tupperware has agreed to sell itself to a group of lenders just weeks after filing for Chapter 11 bankruptcy.
The company, known for its plastic food storage containers and sale parties, announced the tentative agreement on Tuesday.
Under the deal, Tupperware says it will get $23.5 million in cash as well as $63 million in debt relief.
In exchange, the lenders will receive all of Tupperware’s intellectual property including operating assets in the U.S. and abroad.
The transaction is expected to close by the end of the month pending court approval.
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