Oneida gets further extension of waivers, deferral of payments

Oneida Ltd. announced 12 December 2003 that it has obtained further waivers through 30 January 2004 from its lenders regarding the company“s financial covenants and in respect to certain payments tha…

Oneida Ltd. announced 12 December 2003 that it has obtained further waivers through 30 January 2004 from its lenders regarding the company“s financial covenants and in respect to certain payments that are due. Previously announced waivers were effective through 12 December 2003. Oneida“s bank lenders have agreed to continue postponement of a USD 5 million reduction in the company“s credit availability until 30 January 2004. This reduction was originally scheduled to take effect on 3 November 2003 under the company“s revolving credit agreement. In addition, Oneida“s senior note holders have agreed to further defer until 30 January 2004 a USD 3.9 million payment from the company that was originally due on 31 October 2003. As Oneida has stated in the past, it is continuing to work with its lenders to make appropriate modifications to its credit facilities, and is working to provide lenders with updated financial information regarding the company“s operations and restructuring plans. The company expects there will be a further deferral of the above reduction and principal payment until agreement on such modifications has been reached. Oneida Ltd. is a manufacturer of glassware, crystal, flatware, dinnerware and metal serveware for the consumer and foodservice industries worldwide.