Pyrex and Instant Pot maker files for bankruptcy protection in US

Instant Brands, which blames rising interest rates for financial problems, will continue to serve retailers

The maker of Pyrex kitchenware and the Instant Pot pressure cooker has filed for bankruptcy protection, blaming rising interest rates for its financial difficulties.

Instant Brands, controlled by the private equity investor Cornell Capital, said late on Tuesday it had filed for Chapter 11 bankruptcy protection in the Southern District of Texas, as it tries to restructure liabilities of as much as $1bn (790m).