Oneida granted court OK of equity trading procedures to preserve $100 million in net operating losses

By Caroline Salls

Pittsburgh, May 15 - Oneida Ltd. obtained court approval of notification and hearing procedures for trading in equity securities to preserve its about $100 million in net operating losses for tax purposes, according to a Friday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The proposed procedures require holders of 2.15 million shares or more of Oneida stock to file their status within 10 days and give 15 days notification of any proposed equity transfer.

The company will then have 15 days to object to the transfer.

According to the motion, Oneida's NOLs could translate into future federal income tax savings of about $18 million.

Oneida, based in Oneida, N.Y., makes flatware, dinnerware, crystal and metal serving pieces for consumers and the food services industry. Its Chapter 11 case number is 06-10489.

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