On April 7, 2015, Everyware Global, Inc. and 12 affiliates filed a prepackaged chapter 11 case in Delaware. Affiliates include such names as Oneida, Anchor Hocking, Kenwood Silver, Sakura and Universal Tabletop. The case is docketed as case no. 15-10743 and has been assigned to the Honorable Laurie Selber Silverstein. A chapter 11 plan and disclosure statement has been filed with the petition.
Joel Mostrom, the CFO of each of the debtors, has filed a declaration filed in support. According to Mr. Mostrom, as of September 30, 2014, the debtors reported total assets of $237.8 million and total liabilities of $380.4 million. As of the petition date, the debtors’ funded debt obligations include a $248.7 million term loan facility and a $60 million ABL.
Under the prepackaged plan, the debtors intend to pay general unsecured creditors 100% in cash. The $248.7 million term loan facility will be converted to approximately 96% of new equity. The remaining 4% will be allocated to the debtors’ existing shareholders in exchange for their support of the plan. The debtors have also received commitments for a $40 million DIP facility and continued access to their ABL facility to continue operations during the chapter 11 case.
The Debtors are headquartered in Lancaster, Ohio.
