Ceramic Industry News

Oneida Completes Refinancing and Emerges from Chapter 11 (9/26/06)

Oneida Ltd. has completed its $170 million exit financing and emerged from Chapter 11 as a privately held company. The company's new shareholders, led by Quadrangle Group LLC, include JPMorgan, Litespeed Partners LLC, and D.E. Shaw Laminar Portfolios, LLC. "The completion of this financing marks the final step in Oneida's recapitalization process," said James E. Joseph, president.

"We now have both equity and debt capital in the right proportions to support our growth initiatives and profit improvement programs. We look forward to reinforcing and expanding our relationships with Oneida's customers, suppliers and business partners. Their support over the past six months has been vital to the success of this process."

Oneida's common and preferred stockholders will not receive any distributions under the pre-negotiated plan of reorganization, and their equity was cancelled as of the plan's effective date. Oneida's website is located at www.oneida.com.


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