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To learn more about Oneida and its new PERIMETER dinnerware or its wide range of other tabletop products for the hospitality industry, go here:
Oneida Foodservice: New PERIMETER Designed for Today's Restaurant Menu Trends 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. photo by [email protected]
A spark of good news for American manufacturing as Syracuse.com reports that Sherrill Manufacturing Inc., the silverware maker that took over the Oneida Ltd. factory after its closing nine years ago, has moved all of its manufacturing back from Mexico and more than doubled its workforce in upstate New York. Company CEO Gregory Owens told the publication that the company employs 42 people at the former Oneida silverware factory — 38 full-time employees and four permanent part-time workers. A year ago, it employed 16 full-time workers and, sporadically, a few part-time workers. Owens told Syracuse.com demand for the company's "Made in the USA" stainless steel tableware is so strong that the factory is now producing products every day. Last year, the company went through phases in which it would manufacture for a six-week period, then wait a couple of months before manufacturing for another six-week period, then start the process all over again. Owens said the company completed moving its government and contract manufacturing at a former Oneida Ltd. plant in Mexico to Sherill in June. The company currently offers its products on their website under the "Liberty Tabletop" brand. To learn more about Sherrill Manufacturing's Liberty Tabletop, go here: http://libertytabletop.com/ To read the entire Syracuse.com article, go here: http://www.syracuse.com/news/index.ssf/2014/11/silverware_maker_brings_manufacturing_back_from_mexico_more_than_doubles_cny_wor.html 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
Stölzle is an international German glassware manufacturing company that specializes in creating crystal drinking glasses for the restaurant, hotel and retail sector . Their company quality ensures that their product maximizes the full potential, flavor and aroma of each individual drink. The professional design and hi-tech production of the Stölzle product guarantee optimum performance, durability, and elegance.
For more information on Stölzle and their new VULCANO high performance wineglass collection.....in North America, contact Jay Allie or your local Oneida Foodservice representative. For more information on Stölzle in the rest of the world, go here: http://www.stoelzle-lausitz.com/englisch/inhalt.htm 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 |
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