Ceramic Industry

Oneida Obtains Additional Waivers, Extensions From Lenders

May 11, 2004
Oneida Ltd. has obtained further waiver extensions as well as an additional waiver through June 15, 2004, from its lenders in regard to the company's financial covenants and in respect to certain payments that are due. Previously announced waivers were effective through April 30, 2004. Oneida's bank lenders agreed to further postpone, until June 15, 2004, reductions of $5 million, $10 million and $20 million in the company's credit availability that originally were scheduled to take effect on November 3, 2003, January 30, 2004, and February 7, 2004, respectively, under the company's revolving credit agreement. The company's bank lenders also approved an additional waiver in which they agreed to postpone, until June 15, 2004, a further reduction of $10 million in the company's credit availability that originally was scheduled to take effect on May 3, 2004. In addition, Oneida's senior note holders agreed to further defer until June 15, 2004, a $3.9 million payment from the company that was originally due on October 31, 2003.

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