EveryWare Global Inc., the company behind Oneida and Anchor Hocking plates, forks and spoons, said Wednesday that it is has filed for Chapter 11 bankruptcy protection as part of a prepackaged deal with lenders that will enable it to stay in business.
The deal would eliminate $248 million of EveryWare's debt. In exchange, EveryWare's lenders will own 96 percent of its common stock after it emerges from bankruptcy protection. It expects that will happen in the next 60 to 75 days.
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The company has $380.4 million in liabilities and $237.8 million in assets, according to court filings.
In the meantime, EveryWare said it will use a new $40 million loan to run its business as usual.
The company, based in Lancaster, Ohio, makes plates, glasses, candle holders and other tableware under the Anchor Hocking, Oneida, Sant' Andrea and Buffalo brand names.
EveryWare has reported annual losses since 2012. To save money, it temporarily shut down two factories last year.
Based on preliminary results, the company said last week that it ended 2014 with a loss of $102.5 million, wider than the loss of $17.4 million it posted in 2013. Revenue fell 13.1 percent to $354 million.