EveryWare Global Inc.(fka EVRYQ)

[PinkBu]

Proposed plan for Shareholders to get 4% of restructured company! Here's the article...


EveryWare Global Files Prepackaged Chapter 11 Plan

Lenders, led by Deutsche Bank, to own 96% of company’s common stock
By Sara Randazzo
Updated April 8, 2015 5:51 p.m. ET

EveryWare Global Inc., maker of Anchor Hocking and Oneida kitchen products, filed for Chapter 11 protection Tuesday with plans to implement a debt-for-equity swap with senior lenders.

In a filing made in U.S. Bankruptcy Court in Wilmington, Del., EveryWare said it has assets of $237.8 million and liabilities of $380.4 million.

The company said earlier this month that it had already reached a deal with its secured lenders, which are owed $248.7 million. Under the prepackaged deal filed Tuesday, the lenders will become the owners of 96% of EveryWare Global’s common stock. The other 4% of its stock will go to existing equity holders in exchange for their support of the restructuring, the company said in court filings.

Unsecured creditors will be paid in cash under the plan, which the company said has the support of more than 65% of its term loan lenders and more than 84% of common stock holders.

Later Wednesday, the Nasdaq Stock Market said it would delist EveryWare’s stock, a move the company doesn’t plan to appeal. Everyware said it expects the stock to be quoted on the over-the-counter Bulletin Board or in the so-called “Pink Sheets.”

EveryWare, which was formed by Monomoy Capital Partners, has been in talks with its lenders for months over its financial difficulties. The lenders, led by Deutsche Bank AG, mainly consist of funds managed by asset managers such as CIFC, Voya and OppenheimerFunds.

Its bankruptcy will be funded by a $40-million loan provided by lenders backing the restructuring, and the company will be able to continue accessing a $60 million asset-based revolving credit facility, it said in court filings.

EveryWare said it hopes to have its restructuring plan approved by the court in approximately 30 days.

http://www.wsj.com/articles/everyware-global-files-prepackaged-chapter-11-plan-1428495567