Oneida obtains waiver extension, further postponement of payment

New York, Nov. 21 - Oneida Ltd. said it obtained an extension of waivers of covenants from its bank lenders and a further postponement of a reduction in availability.

The waivers now run through Dec. 12. The previous waiver, announced Nov. 3, was until Nov. 21.

The $5 million reduction in the company's credit availability is also pushed back to Dec. 12.

Oneida's senior note holders have also agreed to further defer until Dec. 12 a $3.9 million payment originally due Oct. 31.

The Oneida, N.Y. manufacturer and marketer of tableware products said by Dec. 12 it expects to have provided its lenders with updated financial information about its operations and restructuring plans.

Oneida added that it is continuing to work with its lenders to make appropriate modifications to its credit facilities.

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