A ray of light is emerging for bankrupt Tupperware which settled on Tuesday to sell her 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 auction of its assets.

The company known for its tappers announced the deal at a bankruptcy court hearing in Wilmington, Delaware. Judge Brendan Shannon said he would quickly schedule a separate hearing to consider whether to approve the sale, which was likely the best outcome given the company’s “difficult circumstances”.

The Orlando, Florida-based company filed for bankruptcy last month, with $818 million in debt and a plan to find a buyer within 30 days. But a group of its creditors opposed the company’s sale plans, seeking instead to claim the assets for themselves.

The new sale agreement will allow lenders to buy the Tupperware brand and its operations in key markets, Tupperware attorney Spencer Winters said at the hearing.

The company said it will initially focus on markets including the United States, Canada, Mexico, Brazil, China, Korea, India and Malaysia, and plans to continue with European and then Asian markets.

Instead, it will wind down operations in other markets, CEO Laurie Ann Goldman said Tuesday.

During a court hearing last week, Tupperware argued that the lenders, who bought Tupperware’s debt at a deep discount, should not be allowed to crowd out Tupperware’s other creditors and prevent them from profiting from a sale. The lenders had argued that Tupperware’s proposed auction would unfairly prevent them from using a debt swap as part of their bid for Tupperware’s assets.

But the company said it had relied too heavily on independent sales representatives in recent years, suffering a chronic decline in sales while missing out on opportunities to sell products online or in retail stores.