Instant Brands, the Illinois-based bankrupt maker of the Instant Pot pressure cooker and Pyrex glassware, has drawn interest for different parts of its business from parties including Centre Lane Partners and hedge fund Citadel, Bloomberg News reported. Citadel has offered to purchase loan holdings from existing lenders at around 7 cents on the dollar. It’s asking those who don’t want to sell to team up in a potential bid for certain assets, such as the housewares business. That would allow lenders to use debt they’re owed toward purchasing the company’s assets out of bankruptcy. Its subsidiary Citadel Advisors owns about $7.4 million in loans to Instant Brands on behalf of funds and accounts managed by it, according to a June court filing. It’s part of a group of lenders that own or manage roughly $258.1 million in terms loans to the kitchen goods maker. Meanwhile, private equity firm Centre Lane is considering a bid for the appliance unit, said some of the people. Deliberations are fluid and there is no certainty that the parties will proceed with a final bid.
