EXHIBIT 99.1
ONEIDA
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NEWS RELEASE
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FOR IMMEDIATE RELEASE
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CONTACTS:
Richard Mahony
Gavin Anderson & Company (212) 515-1960
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ONEIDA FILES PRENEGOTIATED REORGANIZATION PLAN
ONEIDA, NY - March 20, 2006 - Oneida Ltd. (OTCBB: ONEI) today announced that it
has successfully completed the next step in its previously announced
recapitalization plan by filing voluntary petitions for Chapter 11 relief in the
United States Bankruptcy Court for the Southern District of New York. The
company concurrently filed a prenegotiated plan of reorganization under Chapter
11 that will substantially reduce the company's debt and legacy liabilities.
As previously announced, the proposed prenegotiated plan of reorganization
provides, among other things, for the conversion of 100% of Oneida's Tranche B
loan, representing approximately $100 million, into 100% of the equity of the
newly reorganized company. The plan also includes a $170 million long term
credit facility that will refinance Oneida's Tranche A debt and provide the
company with additional liquidity to continue to grow its business. Oneida's
general unsecured creditors will not be impaired under the plan; however,
existing common and preferred stockholders will not receive any distributions
under the plan and their equity will be cancelled on the effective date of the
plan.
Oneida will continue to operate its business in the ordinary course during the
recapitalization process and its foreign operations will not be subject to the
Chapter 11 proceeding. The company expects to exit Chapter 11 in approximately
90 days.
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About Oneida
Incorporated in 1880, Oneida Ltd. is one of the world's largest sourcing and
distribution companies for stainless steel and silverplated flatware for both
the consumer and foodservice industries. It is also the largest supplier of
dinnerware to the foodservice industry in North America. Additional information
about Oneida can be found at www.oneida.com.
Note on Forward-Looking Statements
This press release includes forward-looking information and statements. These
statements are based on current expectations, estimates and projections. These
expectations, estimates and projections are generally identifiable by statements
containing words such as "expects," "believes," "estimates," "targets," "plans"
or similar expressions. However, there are many risks and uncertainties, many of
which are beyond our control, that could cause our actual results to differ
materially from the forward-looking information and statements made in this
press release. For further information regarding risks and uncertainties
associated with Oneida's business, please refer to the "Management's Discussion
and Analysis of Financial Condition and Results of Operations" and "Risk
Factors" sections of Oneida's SEC filings, including, but not limited to, its
annual report on Form 10-K and quarterly reports on Form 10-Q.
ONEIDA
----------------------------------
NEWS RELEASE
----------------------------------
FOR IMMEDIATE RELEASE
- ---------------------
CONTACTS:
Richard Mahony
Gavin Anderson & Company (212) 515-1960
ONEIDA RECEIVES APPROVAL OF FIRST-DAY MOTIONS
ONEIDA, NY, - March 20, 2006 - Oneida Ltd. (OTCBB: ONEI) today marked further
progress in its recapitalization plan, announcing that it has obtained relief
under its "first day motions" relating to employee, financing and other
operational matters from the U.S. Bankruptcy Court for the Southern District of
New York.
The relief granted by the Court includes the authority to continue payment of
employee salaries, wages and benefits and the interim authority to continue
performance of its obligations to
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customers, suppliers and business partners. In addition, Oneida received interim
approval of the previously announced $40 million revolving credit facility
arranged with JP Morgan Chase that will provide financing for the company during
these proceedings.
Terry G. Westbrook, Oneida's President and CEO, said: "Our operations have
continued to run smoothly since we announced our recapitalization plan just over
a week ago, and our customers and suppliers have been very supportive of our
recapitalization effort. We are pleased to have received Court approval for
these motions, which enable us to operate our business as usual."
About Oneida
Incorporated in 1880, Oneida Ltd. is one of the world's largest sourcing and
distribution companies for stainless steel and silverplated flatware for both
the consumer and foodservice industries. It is also the largest supplier of
dinnerware to the foodservice industry in North America. Additional information
about Oneida can be found at www.oneida.com.
Note on Forward-Looking Statements
This press release includes forward-looking information and statements. These
statements are based on current expectations, estimates and projections. These
expectations, estimates and projections are generally identifiable by statements
containing words such as "expects," "believes," "estimates," "targets," "plans"
or similar expressions. However, there are many risks and uncertainties, many of
which are beyond our control, that could cause our actual results to differ
materially from the forward-looking information and statements made in this
press release. For further information regarding risks and uncertainties
associated with Oneida's business, please refer to the "Management's Discussion
and Analysis of Financial Condition and Results of Operations" and "Risk
Factors" sections of Oneida's SEC filings, including, but not limited to, its
annual report on Form 10-K and quarterly reports on Form 10-Q.
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