Oneida obtains waiver extension, further postponement of payment

New York, Dec. 15 - Oneida Ltd. said it obtained a further extension of waivers of covenants from its bank lenders and a further postponement of a reduction in availability.

The waivers now run through Jan. 30. The previous waiver, announced Nov. 3 and subsequently extended, was until Dec. 12.

The $5 million reduction in the company's credit availability was also pushed back to Jan. 30.

Oneida's senior note holders also have agreed to further defer until Jan. 30 a $3.9 million payment originally due Oct. 31.

The Oneida, N.Y., manufacturer and marketer of tableware products said it is continuing to work with its lenders to make modifications to its credit facilities and is working to provide the lenders with updated financial information about its company's operations and restructuring plans.

Oneida said it expects to obtain further deferrals until the amendments have been agreed.

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