EveryWare Global Inc., the company behind Oneida and Anchor Hocking plates, forks and spoons, filed for Chapter 11 bankruptcy protection on Wednesday, April 8, 2015. The company produces items such as bakeware, storageware and cookware under the Anchor Hocking, Oneida, Sant’ Andrea and Buffalo brand names. EveryWare Global, Inc. products are marketed and distributed in the United States, Canada, Mexico and Asia.
The company filed for bankruptcy as part of a prepackaged deal with lenders that will enable it to stay in business. According to court filings, the company has $380.4 million in liabilities and $237.8 million in assets. This deal would eliminate $248 million of EveryWare’s debt. In exchange, EveryWare’s lenders will own 96 percent of its common stock after it emerges from bankruptcy protection. It expects that will happen in the next 60 to 75 days.
In the meantime, EveryWare said it will use a new $40 million loan to run its business as usual.