ONEIDA, N.Y., March 20, 2006 (PRIMEZONE) -- Oneida Ltd. (OTCBB:ONEI) today marked further progress in its recapitalization plan, announcing that it has obtained relief under its "first day motions" relating to employee, financing and other operational matters from the U.S. Bankruptcy Court for the Southern District of New York.
The relief granted by the Court includes the authority to continue payment of employee salaries, wages and benefits and the interim authority to continue performance of its obligations to customers, suppliers and business partners. In addition, Oneida received interim approval of the previously announced $40 million revolving credit facility arranged with JP Morgan Chase that will provide financing for the company during these proceedings.
Terry G. Westbrook, Oneida's President and CEO, said: "Our operations have continued to run smoothly since we announced our recapitalization plan just over a week ago, and our customers and suppliers have been very supportive of our recapitalization effort. We are pleased to have received Court approval for these motions, which enable us to operate our business as usual."
About Oneida
Incorporated in 1880, Oneida Ltd. is one of the world's largest sourcing and distribution companies for stainless steel and silverplated flatware for both the consumer and foodservice industries. It is also the largest supplier of dinnerware to the foodservice industry in North America. Additional information about Oneida can be found at www.oneida.com.
Note on Forward-Looking Statements
This press release includes forward-looking information and statements. These statements are based on current expectations, estimates and projections. These expectations, estimates and projections are generally identifiable by statements containing words such as "expects," "believes," "estimates," "targets," "plans" or similar expressions. However, there are many risks and uncertainties, many of which are beyond our control, that could cause our actual results to differ materially from the forward-looking information and statements made in this press release. For further information regarding risks and uncertainties associated with Oneida's business, please refer to the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" sections of Oneida's SEC filings, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q.