Oneida granted final approval of $40 million DIP

By Caroline Salls

Pittsburgh, April 7 - Oneida Ltd. obtained final approval of its $40 million revolving debtor-in-possession credit facility from JP Morgan Chase Bank, NA, according to a Friday filing with the U.S. Bankruptcy Court for the Southern District of New York.

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 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, filed for bankruptcy on Sunday. Its Chapter 11 case number is 06-10489.

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