Oneida Ltd, supplier of flatware, dinnerware & crystal for both the consumer & foodservice markets, announced 9/03/06 that it has reached an agreement with its lenders on a recapitalization plan that would reduce the company's debt by around USD 100M & open the way for investment, innovation & growth. President/CEO Terry G. Westbrook said: "I am pleased that we have been able to reach agreement on a comprehensive recapitalization plan that substantially reduces debt & increases our liquidity. This has been one of our principal goals since we completed the transformation of Oneida's business. We've successfully moved from a manufacturing-based business model to one built on sourcing, distribution & marketing. As a result,cash flow, operating profit & margins have seen steady improvement, but we are still burdened by an unmanageable debt load". "The recapitalization now underway is intended to improve capital structure, which in turn will facilitate our continued progress & growth", Westbrook continued. "I am particularly gratified that we can undertake this process in a manner that minimizes any impact on our employees, customers, suppliers & business partners, who are so critical to our success," Westbrook added.
