(OTCBB:ONEI) Oneida Receives Approval of First-Day Motions
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.
-0-
CONTACT: Gavin Anderson & Company
Richard Mahony
212-515-1960
20Mar06 22:11 GMT
Symbols:
us;ONEDP us;ONEI
Source PZM PrimeZone Media
