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NRA attendees are invited to join Madeline Triffon and the EveryWare Global team in booth #7207 for wine tasting demonstrations on Saturday from 3-5 pm and both wine and beer tastings on Sunday from 3-5 pm.
EveryWare Global, Inc., parent of the Oneida and Anchor Hocking brands, announced today financial results for the three months ended December 31, 2014. EveryWare is in the process of a pre-packaged Chapter 11 filing.
Fourth Quarter Results Overview:
Mr. Solomon continued, "As previously reported, we reached an important restructuring agreement with our lenders. That process will eliminate our current term loan debt and reduce cash interest going forward. Our lenders have further provided $40 million worth of financing through our prepackaged bankruptcy to ensure our business continues to perform in the short term and provides a good starting point for long term success." For more information, go here: http://investors.everywareglobal.com/releasedetail.cfm?ReleaseID=906365 EveryWare Global, Inc., parent to the Oneida and Anchor Hocking brands, announced that it is moving forward with the restructuring plan announced on April 1, 2015 and has filed voluntary Chapter 11 petitions to implement a prepackaged financial restructuring that cancels approximately $248 million of the Company's long-term debt in exchange for common stock representing 96% of the Company's common stock post-emergence. As previously disclosed, the terms of the restructuring support agreement include, among other things: · up to $40 million in debtor-in-possession (DIP) facility to provide liquidity during the restructuring · a reorganization plan that, after emergence from bankruptcy, provides for the secured lenders to become the owners of 96% of EveryWare Global's common stock · payment in full in cash for all holders of allowed general unsecured claims · trade vendors will continue to be paid in the ordinary course · a plan for EveryWare Global to cease to be a publicly traded company Given the typical speed of a "prepackaged" plan of reorganization, the EveryWare Global says expects to emerge from bankruptcy within 60-75 days. Importantly, the restructuring plan will create a sustainable capital structure that will ensure that the EveryWare Global is well positioned to invest in the business and pursue future growth opportunities. "We are moving forward with our previously announced, lender supported restructuring plan," said Sam Solomon, President and Chief Executive Officer of EveryWare Global. "The liquidity provided by our lenders during this process allows us to focus on running the business in the ordinary course while we deleverage our balance sheet." EveryWare Global, Inc., parent of the Oneida and Anchor Hocking brands, announced that it has reached an agreement with its secured lenders on a comprehensive balance-sheet restructuring that, among other things, will substantially reduce the Company's long-term debt. The prepackaged bankruptcy plan is expected to allow the Company to operate its business in the ordinary course throughout the restructuring. The Company also believes this plan will minimize the time and expense spent in restructuring and will provide for sufficient liquidity during the restructuring. Importantly, the restructuring plan will create a sustainable capital structure that will ensure that the Company is well positioned to invest in the business and pursue future growth opportunities. "We are pleased to have the support of our lenders to move forward with a restructuring plan that addresses our balance sheet to secure a bright future for our company," said Sam Solomon, President and CEO of EveryWare Global. "We have made considerable progress improving our day-to-day operations and this restructuring plan strengthens the Company's balance sheet for long-term success. We are confident that this plan is in the best interest of our customers, vendors, employees and our business partners." To implement the restructuring, the Company expects to file voluntary petitions for a prepackaged chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Delaware. On March 31, 2015, EveryWare Global and its lenders executed a restructuring support agreement specifying the details of a restructuring support agreement that sets forth the material terms of the Chapter 11 restructuring and of a debtor-in-possession facility to provide liquidity during the restructuring. Given the typical speed of a "prepackaged" plan of reorganization, the Company expects to emerge from bankruptcy within 60-75 days. The plan for reorganization contemplates that after emergence from bankruptcy, the secured lenders will become the owners of 96% ofEveryWare Global's common stock and that EveryWare Global will cease to be a publicly traded company. EveryWare Global, Inc., parent company of the Oneida and Anchor Hocking brands, announced yesterday financial results for the three months ended September 30, 2014. Led by the iconic Oneida and Anchor Hocking brands, EveryWare is a leading marketer of tabletop and food preparation products for the consumer and foodservice markets. Third Quarter Results Overview: ● Third quarter net revenue was $81.2 million, a decrease of $19.7 million or 19.6% from the prior year period. ● Operating loss from continuing operations for the third quarter was $9.7 million, a decrease of $12.6 million from the prior year period. ● Production restarted at their Lancaster, Ohio and Monaca, Pennsylvania facilities in mid-July. ● Completed a comprehensive debt restructuring and new $20.0 million equity investment; recorded a $22.2 million loss on debt extinguishment. ● Inventory reduced by $23.7 million since year end 2013. ● Revised labor agreements at the Company's Lancaster, Ohio operations. Sam Solomon, Chief Executive Officer of EveryWare stated, "The third quarter financial results reflect the residual effects from our factory shutdowns and our liquidity issues that we addressed through our restructuring efforts. We are focused on the operational initiatives required to stabilize the business and create long term value. This includes restoring normal service levels and customer confidence. While operational improvements take time to produce improved results, I believe that we are on the right path." To read the entire release from EveryWare, go here: EveryWare Global Q3 2014 EveryWare Global, Inc., parent company to the Oneida and Anchor Hocking brands, today announced that its wholly-owned subsidiary Oneida International has entered into an agreement to sell its United Kingdom business to HUK 54 Limited. EveryWare retains all rights to the brands ONEIDA®, Anchor Hocking® and Sant' Andrea®.
Sam Solomon, Chief Executive Officer of EveryWare, stated, "This transaction represents another step toward building a profitable future for EveryWare. We are confident that there remain long-term opportunities to build and grow our brands internationally. Our energies are currently focused on solidifying our core North American operations, and this sale ensures that our resources are dedicated to those initiatives." EveryWare Global, Inc., parent of the iconic Oneida and Anchor Hocking brands, announced recently financial results for the three and six months ended June 30, 2014. Total quarterly revenue was down 1 percent to $99.8 million. Much of the revenue declines occurred in the food-service segment and consumer segment, and because of EveryWare’s decision to temporarily close its two U.S. manufacturing plants to preserve cash and right-size inventory. Reduced order fulfillment rates and the company’s decision not to pursue lower margin business also played a part in the revenue downturn. Cash flow from operating activities improved by approximately $30.1 million from the prior year period, primarily due to a reduction in inventory resulting from the Company's efforts to right size manufacturing capacity and tightly manage working capital. Sam Solomon, Chief Executive Officer of EveryWare stated, "We resolved our liquidity and covenant issues and right sized our manufacturing capacity. Now we are focused on operational initiatives and providing excellent service to our customers. Our operational improvements will take time to produce results, but we believe they will deliver earnings and cash flow growth over the long-term. I look forward to the opportunities ahead." In a conference call for financial analysts, CEO Solomon responded to one analyst’s question about the decline in Everyware Global’s foodservice business and customer’s concern for the company’s liquidity: “I think from my customers perspective, we are having a number of conversion with them to some sort of ease their concerns about our financial position, as we have those conversations I can tell you they are going extremely well, customer are returning to normal order levels the only challenge that we have is on the supply side, during the same period some of our manufactures got a bit concerned in delayed shipment so us. So we do have a couple of bubbles in the supply chain. That said, we were working through those and expect those to be resolved shortly.” For more on Everyware Global’s financial results, go here: http://investors.everywareglobal.com/releases.cfm Analysts call transcript provided by Seeking Alpha. For the entire transcript go here: http://seekingalpha.com/ To learnmore about EveryWare Global/Oneida foodservice line of tabletop products, go here: http://foodservice.oneida.com/ Oneida Foodservice Parent, EveryWare Global Amends Credit Agreements & Announces Equity Investment7/31/2014
EveryWare Global, Inc., parent company of Oneida Foodservice, announced it amended its Term Loan Agreement and ABL Facility. The Company also announced that it entered into a Securities Purchase Agreement with Monomoy Capital Partners, whereby Monomoy agreed to invest $20 million in return for EveryWare's Series A Senior Redeemable Preferred Stock with a liquidation preference of $21.2 million and warrants to purchase 4,438,005 shares of the Company's common stock. Sam Solomon, Chief Executive Officer of EveryWare Global stated, "We are pleased to amend our credit agreements and complete the Securities Purchase Agreement. These transactions solve our covenant and liquidity challenges. Now we can focus on taking care of our customers and improving our operations. We appreciate the continued support from our lenders, suppliers, employees, customers and Monomoy." To read the entire announcement from EveryWare Global, go here: http://investors.everywareglobal.com/releasedetail.cfm?ReleaseID=863187 EveryWare Global, Inc., parent company to the Anchor Hocking and Oneida brands, announced today that its Board of Directors appointed Sam Solomon as its permanent Chief Executive Officer, effective June 9, 2014. Mr. Solomon was named the Company’s interim Chief Executive Officer on February 25, 2014. Daniel Collin, Chairman of the Board of Directors at EveryWare, stated, “After completing a thorough search, we are thrilled that Sam has accepted the Board’s offer to become EveryWare’s permanent CEO. Sam is the right leader for the job and is well equipped to revitalize the Company over the coming months and years. He has already made significant contributions, and we are confident that he will continue to drive long-term value creation.” Mr. Solomon commented, “After more than three months as interim CEO at EveryWare, I am more energized than ever to take the steps necessary to capitalize on the Company’s unlimited potential. I have been pleased with the hard work of our talented team to date, and I look forward to continuing our efforts to create a strong future for EveryWare and all of its stakeholders.” EveryWare also announced today its intention to reopen its Lancaster, Ohio manufacturing operations during the week of June 9, 2014. The company temporarily shut down its Lancaster, Ohio and Monaca, Pennsylvania facilities on May 15, 2014 as part of its efforts to conserve cash and reduce glassware inventory. The Company partially reopened its Monaca plant on June 2, 2014. It is also being reported that the company may close its Savannah distribution center as a part of additional consolidation of facilities. EveryWare Global, Inc. , announced yesterday financial results for the three months ended March 31, 2014, reported Marketwatch.com. Led by the iconic Oneida and Anchor Hocking brands, EveryWare is a leading global marketer of tabletop and food preparation products for the consumer and foodservice markets.
Sam Solomon, interim Chief Executive Officer of EveryWare stated, "While our results over the past several quarters have been disappointing, we are taking actions that we believe will better position us for future growth. We are temporarily idling our North American manufacturing facilities and furloughing a number of hourly and salaried employees to reduce inventory and improve liquidity. We intend to resume manufacturing in 3 to 4 weeks and as usual during plant shutdowns, we will continue to service our customers and distribute products from existing inventory. We are also expanding Alvarez & Marsal's role to intensify our efforts to improve product profitability, consolidate our supply base, and further reduce costs. While our initiatives will take time to have an impact on the business, I remain confident in the long-term prospects of this business." According to Marketwatch, the company’s total revenue for the first quarter of 2014 decreased $4.5 million, or 4.5%, to $94.8 million from $99.3 million in the first quarter of 2013. The decrease in revenue is primarily attributable to a $5.5 million decline (17.7%) in foodservice segment revenues and a $2.2 million decline in consumer segment revenues. Meanwhile, the company’s stock fell to under $1 per share today after trading as high as nearly $14 per share during the past year. Additionally, Everyware furloughed 400 people from its Monaca, PA plant as part of a short-term cost savings effort. To learn more, you can read the entire article by going here:http://www.marketwatch.com/story/everyware-global-inc-announces-first-quarter-2014-financial-results-2014-05-15?reflink=MW_news_stmp |
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