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EveryWare eyes June 5 exit; most common stockholders to receive cash
By Caroline Salls
Pittsburgh, May 13 – EveryWare Global, Inc. said it expects to emerge from Chapter 11 bankruptcy on June 5.
According to a Wednesday news release, following emergence from bankruptcy, the holders of EveryWare’s common stock are expected to be its secured lenders and some stockholders affiliated with the company.
All other current holders of the company’s common stock will receive cash in lieu of a distribution of new common stock in an amount equal to $0.06 per common share, representing 1.5% of the company’s new common stock.
EveryWare said out-of-the-money options and warrants will be cancelled under the plan, which is subject to confirmation by the U.S. Bankruptcy Court for the District of Delaware.
The combined plan confirmation and disclosure statement approval hearing is scheduled for May 20.
The company said it also intends to cease filing reports with the Securities and Exchange Commission, effective May 13.
EveryWare said its common stock was delisted from the Nasdaq Stock Market effective at the opening of trading on April 27 as a result of its Chapter 11 bankruptcy filing, and the deregistration of the stock took effect on May 8. As a result, EveryWare said it is eligible under SEC rules and regulations to cease reporting.
The company currently expects to make its quarterly financial statements for the three months ended March 31 available on its website when they are available, according to the release.
EveryWare Global is a Lancaster, Ohio-based supplier of food preparation products that filed bankruptcy on April 7. The Chapter 11 case number is 15-10743.
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