Oneida And Lenders Consummate Financial Restructuring
August 18, 2004
Oneida Ltd. has consummated an agreement with its principal lenders on a comprehensive restructuring of existing indebtedness of $233.2 million that includes a conversion of $30 million of the debt into approximately 29.8 million shares of common stock. The agreement also provides for a new $30 million revolving credit facility. Consummation of the transaction completes Oneida's agreement in principle with its lenders. "This is a very positive long-term development for our company," said Oneida Chairman and Chief Executive Officer Peter J. Kallet. "The financial restructuring provides Oneida with substantially improved financial flexibility and liquidity."
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