Ceramic Industry News

Oneida's Reorganization Plan is Confirmed (9/12/06)

Oneida Ltd. recently announced that its prenegotiated plan of reorganization was confirmed by the U.S. Bankruptcy Court for the Southern District of New York, setting the stage for Oneida's emergence from Chapter 11 as a privately held company. The plan will significantly reduce the company's debt and open the way for renewed investment and growth. The company is expected to emerge from Chapter 11 on or about September 12, 2006.

"We are extremely pleased that the court has approved our recapitalization," said James E. Joseph, president of Oneida. "We are grateful to our customers, suppliers, partners and employees for their commitment during this process. The successful recapitalization is the culmination of a revitalization process we began more than 18 months ago, and marks a new beginning for Oneida. We are looking forward to building on our strong brand and outstanding customer relationships to continue Oneida's growth into its second century."

Visit www.oneida.com for additional information.

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