New Delhi- Tupperware Brands, the iconic food storage and kitchen products company, has agreed to sell its business to a group of lenders for $23.5 million in cash and over $63 million in debt relief, canceling its plans for an open-market auction of its assets. The announcement came at a bankruptcy court hearing in Wilmington, Delaware, on Tuesday.

The deal, which still requires court approval, involves a group of lenders including Alden Global Capital, Stonehill Institutional Partners, and a trading desk of Bank of America. They will acquire Tupperware's brand name and operations in key markets, including the United States, Canada, Mexico, Brazil, China, Korea, India, and Malaysia.

Tupperware, which filed for bankruptcy protection last month with $818 million in debt, had planned to find a buyer within 30 days. However, some lenders opposed the company's sale plans, seeking to seize the assets.

This new agreement, according to Tupperware attorney Spencer Winters, allows the lenders to purchase Tupperware's brand name and operations in multiple key markets. The company intends to focus on these markets initially and later expand into European and additional Asian markets.

Tupperware CEO Laurie Ann Goldman stated that the company will wind down operations in markets with significant liabilities.

The deal represents a middle ground between the lenders' desire for a debt exchange and Tupperware's need to raise cash to pay other creditors.

Tupperware rose to fame in the 1950s through its popular "Tupperware parties," empowering women of the post-war generation with sales opportunities. However, the company acknowledged in recent years relying too heavily on independent sales representatives and missing out on online and retail sales opportunities, leading to a decline in sales.