Oneida Ltd announced June/04 that it has reached an agreement in principle with its lenders on a comprehensive restructuring plan for its existing indebtedness & on a new US$30M revolving credit facility. "We are very pleased to reach this long-term agreement in principle with our lenders. This is a very positive step," Oneida Chairman & CEO PJ Kallet said. "The revolving credit facility provides fresh working capital, giving us liquidity that should enable Oneida to complete its operational restructuring, enhance its flow of products & improve overall performance." Reaching agreement in principle with the lenders on the restructuring means that the waiver of compliance with financial covenants and the waiver of certain payments that have become due are automatically extended in order to provide Oneida with time to prepare documentation for the restructuring.
