By Sara Randazzo
EveryWare Global Inc., maker of Anchor Hocking and Oneida
kitchen products, filed for Chapter 11 protection Tuesday with
plans to implement a debt-for-equity swap with senior lenders.
In a filing made in U.S. Bankruptcy Court in Wilmington, Del.,
EveryWare said it has assets of $237.8 million and liabilities of
$380.4 million.
The company said earlier this month that it had already reached
a deal with its secured lenders, which are owed $248.7 million.
Under the prepackaged deal filed Tuesday, the lenders will become
the owners of 96% of EveryWare Global's common stock. The other 4%
of its stock will go to existing equity holders in exchange for
their support of the restructuring, the company said in court
filings.
EveryWare, which was formed by Monomoy Capital Partners, has
been in talks with its lenders for months over its financial
difficulties. The lenders, led by Deutsche Bank AG, mainly consist
of funds managed by asset managers such as CIFC, Voya and
OppenheimerFunds.
Monomoy formed EveryWare in 2012 when it merged glassware maker
Anchor Hocking LLC and flatware manufacturer Oneida Ltd.
The buyout firm bought Oneida in 2011, several years after the
134-year-old maker of flatware and dinnerware emerged from Chapter
11. Monomoy bought Anchor Hocking Corp. out of Chapter 11 in
2007.
The 1,557-employee company manufactures and sells kitchen
glassware, baking dishes and cutlery under the Anchor Hocking,
Fire-King, Oneida, Buffalo, Delco and Sant'Andrea brands.
Patrick Fitzgerald contributed to this article.
Write to Sara Randazzo at sara.randazzo@wsj.com
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