Oneida granted court OK of distress termination of pension plan

By Caroline Salls

Pittsburgh, May 2 - Oneida Ltd. obtained court approval for a distressed termination of its pension plan, according to a Tuesday filing with the U.S. Bankruptcy Court for the Southern District of New York.

According to the filing, unless the Oneida pension plan is terminated, "the company would be unable to pay all of its debts under a plan of reorganization and would be unable to pay its debts and continue in business outside the Chapter 11 reorganization process."

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 March 19. Its Chapter 11 case number is 06-10489.

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