Oneida Obtains Extensions of Waivers, Additional Payment Deferfals
April 6, 2004
Oneida Ltd. has obtained further waiver extensions through April 14, 2004, from its lenders in regard to the company's financial covenants and in respect to certain payments that are due. Previously announced waivers were effective through March 31, 2004. Oneida's bank lenders agreed to further postpone, until April 14, 2004, reductions of $5 million, $10 million and $20 million in the company's credit availability that originally were scheduled to take effect on November 3, 2003, January 30, 2004, and February 7, 2004, respectively, under the company's revolving credit agreement. Oneida's senior note holders also agreed to further defer until April 14, 2004, a $3.9 million payment from the company that was originally due on October 31, 2003. Oneida also announced that it no longer is in discussions with a private equity investor with respect to a potential preferred equity investment in the company, because the company and the investor could not come to an agreement on terms.
Oneida's website is located at http://www.oneida.com.