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Home » Turner Law Offices Blog » Oneida Kitchenware Files for Preplanned Bankruptcy

Oneida Kitchenware Files for Preplanned Bankruptcy

Filing for bankruptcyEveryWare Global, Inc., the makers behind far-reaching kitchenware manufacturer Oneida, has filed for bankruptcy, choosing a pre-made plan which will give lenders control of the company.

The filing follows after 2014 shortcomings, such as the Sept. 30 reportings of a net loss of $49.4 million for that quarter, as well as a major decline in customer orders because of decreased inventory levels caused by factories left idle in order to save money.

Since reporting the losses, many of the company’s key members have left their offices, including the chief financial officer, the senior vice president of operations and supply chain, and the senior vice president of sales.

In the Chapter 11 bankruptcy filing, the company reported consolidated assets of about $237.8 million, and a consolidated debt of about $380.4 million.

Before filing, however, the company had already created a restructuring plan with its holders for about $163.1 million, which is about 66% of its $248.8 million term loan.  The plan proposes to repay the unsecured creditors in full, while the secured creditors will be get about 96% of what they’re owed.  Additionally, preferred shareholders will be given 2.5% of the company’s new stock.

With this premade plan, the company expects to exit bankruptcy within 60-75 days.

If you are overwhelmed with debt, it may be time to file for bankruptcy.  Rather than being a sign of failure, bankruptcy is a restructuring of your debt, allowing you the time and ability to repay what you owe, while also giving you the chance to have some unsecured debts wiped away completely.

Our bankruptcy attorneys are legal professionals who can accurately guide you through the process of bankruptcy, ensuring that your assets are as protected as possible while taking the steps to get out of debt.

Don’t live your life in servitude to your debts, call us today and discover how you can regain your financial freedom.

Call (615) 259-2660

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