Oneida, lenders consummate deal to restructure $233.2 million of debt

By Jeff Pines

Washington, Aug. 9 - Oneida Ltd. and its lenders consummated an agreement that will restructure the company's $233.2 million of debt, the company said. The restructuring includes converting $30 million of the debt into 29.8 million common shares.

The lenders also will provide a new $30 million revolver. It was previously reported that the remainder of Oneida's bank debt will be converted into a three-year $125 million tranche A loan and a 31/2-year $80 million tranche B loan.

"This is a very positive long-term development for our company," Oneida chairman and chief executive officer Peter J. Kallet said in a news release. "The financial restructuring provides Oneida with substantially improved financial flexibility and liquidity."

Oneida, based in Oneida, N.Y., makes flatware, dinnerware, crystal and metal serving pieces for consumers and the foodservices industry.

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