04:56 PM EDT, 09/16/2024 (MT Newswires) -- Tupperware Brands ( TUP ) may file for bankruptcy as soon as this week, Bloomberg reported Monday, citing people with knowledge of the plans.

The plans have yet to be finalized and could still change, the report said.

The company breached the terms of its debt and hired legal and financial advisers, according to the report.

Tupperware had negotiated how to manage more than $700 million in debt, with lenders initially agreeing this year to give it some breathing space on the violated loan terms, the report said.

A representative for Tupperware declined Bloomberg's request for comment.

The company did not immediately respond to MT Newswires' request for comment.

Shares of Tupperware were down a further 17% after hours, extending losses earlier in the day.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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