Oneida Ltd. announced 14 April 2004 that it has obtained further waiver extensions through 30 April 2004 from its lenders in regard to the company“s financial covenants and in respect to certain paym…
Oneida Ltd. announced 14 April 2004 that it has obtained further waiver extensions through 30 April 2004 from its lenders in regard to the company“s financial covenants and in respect to certain payments due. Previously announced waivers were effective through 14 April 2004. Oneida“s bank lenders agreed to further postpone, until 30 April 2004, reductions of USD 5 million, USD 10 million and USD 20 million in the company“s credit availability that were originally scheduled to take effect on 3 November 2003, 30 January 2004 and 7 February 2004 respectively, under the company“s revolving credit agreement. Oneida“s senior note holders also agreed to further defer until 30 April 2004 a USD 3.9 million payment from the company that was originally due on 31 October 2003. As Oneida indicated in previous waiver announcements, it is in discussions with its lenders and potential new financing sources to restructure its existing indebtedness and provide ongoing liquidity, and continues to provide lenders with updated financial information regarding its operations and restructuring plans. The company expects there will be further deferrals of the above credit availability reductions and principal payment until appropriate modifications to its credit facilities have been agreed. Oneida Ltd. is a leading source of flatware, dinnerware, crystal, glassware and metal serveware for the consumer and foodservice industries worldwide.