LANCASTER, Ohio, May 22, 2015 (GLOBE NEWSWIRE) -- EveryWare Global, Inc. (Pink Sheets:EVRYQ) announced today that the U.S. Bankruptcy Court for the District of Delaware, which has been overseeing the Company's Chapter 11 proceedings following its filing on April 7, 2015, confirmed the Company's financial restructuring plan that, among other things, will substantially reduce the Company's long-term debt.
The plan, as supplemented, provides for the cancellation of the Company's existing common stock. The Company's existing common stockholders and holders of in-the-money warrants (other than the Company's prepetition term loan lenders and their affiliates and certain stockholders affiliated with the Company) will receive cash equal to $0.06 per existing share of common stock. The plan provides that the Company's prepetition term loan lenders will receive approximately 96.3% of the reorganized Company's common stock in exchange for their term loans. The plan provides that all shares of the Company's currently outstanding preferred stock will be cancelled and holders of the existing preferred stock will receive shares of new common stock equal to approximately 2.5% of the reorganized Company's common stock. The plan provides that the Company's prepetition term loan lenders and their affiliates and certain stockholders affiliated with the Company who hold existing common stock and existing in-the-money warrants will receive approximately 1.2% of the reorganized Company's common stock. Out-of-the-money options and warrants will be cancelled pursuant to the plan of reorganization.
"We are very pleased that the Bankruptcy Court has confirmed our restructuring plan," said Sam Solomon, President and Chief Executive Officer of EveryWare Global. "As we prepare to exit bankruptcy, we are in a much stronger financial position and now have the opportunity to grow by investing in our brands, innovation and customer relationships."
EveryWare Global expects to finalize all proceedings and emerge from Chapter 11 promptly.
About EveryWare Global:
EveryWare (Pink Sheets:EVRYQ) is a leading global marketer of tabletop and food preparation products for the consumer and foodservice markets, with operations in the United States, Canada, Mexico and Asia. Its global platform allows it to market and distribute internationally its total portfolio of products, including bakeware, beverageware, serveware, storageware, flatware, dinnerware, crystal, buffetware and hollowware; premium spirit bottles; cookware; gadgets; candle and floral glass containers; and other kitchen products, all under a broad collection of widely-recognized brands. Driven by devotion to design, EveryWare is recognized for providing quality tabletop and kitchen solutions through its consumer, foodservice, specialty and international channels. EveryWare was formed through the merger of Anchor Hocking, LLC and Oneida Ltd. in March of 2012. Additional information can be found at www.everywareglobal.com, www.oneida.com, and www.foodservice.oneida.com.
Forward-looking statements:
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. For this purpose, any statements contained herein that are not statements of historical fact regarding industry outlook, financial covenant compliance, anticipated effects of acquisitions, production of new products, plans for capital expenditures, and the Company's results of operations or financial position and liquidity, may be deemed to be forward-looking statements. Without limiting the foregoing, the words "estimate," "plan," "project," "forecast," "intend," "expect," "anticipate," "believe," "seek," "target," and similar expressions are intended to identify forward-looking statements. Such forward-looking statements represent management's current expectations and are inherently uncertain. Investors are warned that actual results may differ from management's expectations. Additionally, various economic and competitive factors could cause actual results to differ materially from those discussed in such forward-looking statements, including, but not limited to, such risks relating to (i) risks and uncertainties associated with the bankruptcy proceedings, including our ability to consummate the transactions contemplated by the restructuring support agreement entered into among us, certain of the lenders under our term loan and certain of our equity holders within the time frame contemplated therein; and (ii) the expected limited recovery for holders of our common stock resulting from the Chapter 11 proceedings. All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by such cautionary statements.