Oneida Ltd. it has signed a letter of intent to be acquired by an entity to be formed by D. E. Shaw Laminar Portfolios, L.L.C. and Xerion Capital Partners LLC, both current Oneida shareholders. Under the terms of the proposed transaction, Laminar and Xerion will pay at least $222.5 million, or an amount sufficient to pay in full the company's secured bank claims plus, among other things, the payment or assumption of all other general unsecured claims. In addition, the buyers will include an element of consideration for the company's common equity holders in connection with securing their approval of the proposed transaction.
"The possible investment by these two widely respected firms acknowledges the substantial progress Oneida has made in transforming its business, which began more than 18 months ago," said Christopher H. Smith, chairman of Oneida Ltd. "These firms have had an opportunity to see our operations first-hand as shareholders, and we are pleased that they support Oneida's plan of reorganization."
Additional details are available at the link below.