Oneida final arguments on reorganization plan scheduled for July 25; plan funding letter of intent expires

By Jennifer Lanning Drey

Eugene, Ore., July 24 - Oneida Ltd. announced that final arguments on its pre-negotiated plan of reorganization are scheduled for July 25, according to a company news release.

The company also said that the letter of intent presented by D.E. Shaw Laminar Portfolios LLC and Xerion Capital Partners LLC to fund Oneida's plan of reorganization expired Friday under its terms.

Oneida management and board of directors have made themselves available for continuing discussions, according to the release.

Oneida Ltd. announced on July 14 that it had signed a letter of intent to be acquired by an entity to be formed by shareholders D.E. Shaw Laminar Portfolios, LLC and Xerion Capital Partners LLC for at least $222.5 million, or an amount sufficient to pay the company's secured bank claims and the payment or assumption of all other general unsecured claims, according to a previous Oneida news release.

Oneida, the Oneida, N.Y, company that makes flatware, dinnerware, crystal and metal serving pieces for consumers and the food services industry, filed for Chapter 11 on March 19 in the U.S. Bankruptcy Court for the Southern District of New York. Its case number is 06-10489.

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