Oneida granted interim access to $30 million of DIP financing

By Caroline Salls

Pittsburgh, March 21 - Oneida Ltd. obtained interim approval to use up to $30 million of its revolving debtor-in-possession credit facility from JP Morgan Chase Bank, NA, according to a Monday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The final hearing is scheduled for April 5.

The full commitment is for up to $40 million of revolving DIP credit.

Interest will be Libor plus 375 basis points.

Oneida will pay a 200 bps closing fee, a 37.5 bps commitment fee, a $25,000 administrative fee and a $175,000 structuring fee.

Maturity will be the earliest of 45 days after the interim order if a final order has not been made, March 21, 2007, upon consummation of a plan of reorganization or upon acceleration of the loans.

Oneida, an Oneida, N.Y.-based maker of flatware, dinnerware, crystal and metal serving pieces for consumers and the food services industry, filed for bankruptcy on Sunday. Its Chapter 11 case number is 06-10489.

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