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."
For more information, call (315) 361-3138.