LANCASTER, Ohio, June 2, 2015 (GLOBE NEWSWIRE) -- EveryWare Global, Inc. (Pink Sheets:EVRYQ) announced today that it has successfully completed its financial restructuring and has emerged from Chapter 11. The Company exits the restructuring process with a significantly reduced debt load and strengthened balance sheet.
"Thanks to tremendous support from our customers, employees, suppliers and business partners, we have completed a significant balance sheet restructuring," said Sam Solomon, President and Chief Executive Officer of EveryWare Global. "We exit the bankruptcy process completely focused on creating value for our customers and partners," continued Solomon.
The Company's exit financing includes a $70 million asset-based revolving credit facility and a $40 million term loan provided by a group of EveryWare's post-petition lenders.
"Our lenders' willingness to support the company is a crucial component of our successful emergence, as well as a reflection of their confidence in our long-term prospects," said Solomon.
The confirmed plan, as supplemented, as well as further information regarding the Company's Chapter 11 cases are available free of charge on the Company's restructuring website at https://cases.primeclerk.com/everyware.
About EveryWare Global:
EveryWare (Pink Sheets:EVRYQ) is a leading global marketer of tabletop and food preparation products for the consumer and foodservice markets, with operations in the United States, Canada, Mexico and Asia. Its global platform allows it to market and distribute internationally its total portfolio of products, including bakeware, beverageware, serveware, storageware, flatware, dinnerware, crystal, buffetware and hollowware; premium spirit bottles; cookware; gadgets; candle and floral glass containers; and other kitchen products, all under a broad collection of widely-recognized brands. Driven by devotion to design, EveryWare is recognized for providing quality tabletop and kitchen solutions through its consumer, foodservice, specialty and international channels. EveryWare was formed through the merger of Anchor Hocking, LLC and Oneida Ltd. in March of 2012. Additional information can be found at www.everywareglobal.com, www.oneida.com, and www.foodservice.oneida.com.
Forward-looking statements:
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. For this purpose, any statements contained herein that are not statements of historical fact regarding industry outlook and the Company's results of operations or financial position and liquidity may be deemed to be forward-looking statements. Without limiting the foregoing, the words "estimate," "plan," "project," "forecast," "intend," "expect," "anticipate," "believe," "seek," "target," and similar expressions are intended to identify forward-looking statements. Such forward-looking statements represent management's current expectations and are inherently uncertain. Investors are warned that actual results may differ from management's expectations. Additionally, various economic and competitive factors could cause actual results to differ materially from those discussed in such forward-looking statements. All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by such cautionary statements.