U.S.-based Instant Brands Holdings Inc. filed for voluntary petitions for relief under Chapter 11 of the U.S. bankruptcy code on June 12, 2023. As a result, we have lowered our issuer credit rating on the company to 'D' from 'CCC-'. Concurrently, we lowered our issue-level rating on the company's $450 million first-lien term loan due in 2028 to 'D' from 'CCC-'. The recovery rating on the term loan is unchanged at '3'. Instant Brands filed for bankruptcy protection to address its unsustainable capital structure. The company has filed customary motions seeking court approval to continue to support its operations during the court-supervised process. Instant Brands received a commitment for $132.5 million in new debtor-in-possession financing from its existing lenders to
