posted
Hey all, gapped up today and running hard on volume. Previous close of .24, gapped to .29/.30 and is now at .32. Resistance at .34 then .43. Here's the chart:
Its already up to .34 from .32 in the time of typing this.
ONEIDA, N.Y., July 13 /PRNewswire-FirstCall/- - Oneida Ltd. (OTC: ONEI) today announced that it has received an unsolicited proposal from DE Shaw Laminar Portfolios, L.L.C. and Xerion Capital Partners, both current Oneida shareholders, to acquire the company. Oneida's Board of Directors will consult with its legal and financial advisors and carefully review the proposal; however, a definitive agreement has not been reached at this time and no assurance can be given that such an agreement will take place.
"It is gratifying to see that Oneida's business plan has drawn interest from two substantial current shareholders," said Oneida Chairman Christopher H. Smith. "The Board noted that the proposal expressed support for Oneida's plan of reorganization and its current management team. We will give the proposal thorough and fair consideration."
Oneida expects to continue its confirmation hearing in U.S. Bankruptcy Court for the Southern District of New York as planned. The company remains on track to complete its confirmation hearing process shortly and, depending on the outcome of its review of the acquisition proposal, hopes to be in a position to emerge from bankruptcy in the near future.
About Oneida
Incorporated in 1880, Oneida Ltd. is one of the world's largest design, sourcing and distribution companies for stainless steel and silverplated flatware for both the consumer and foodservice industries. It is also the largest supplier of dinnerware to the foodservice industry in North America. Additional information about Oneida can be found at http://www.oneida.com.
Note on Forward-Looking Statements
This press release includes forward-looking information and statements. These statements are based on current expectations, estimates and projections. These expectations, estimates and projections are generally identifiable by statements containing words such as "expects," "believes," "estimates," "targets," "plans" or similar expressions. However, there are many risks and uncertainties, many of which are beyond our control, that could cause our actual results to differ materially from the forward-looking information and statements made in this press release. For further information regarding risks and uncertainties associated with Oneida's business, please refer to the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" sections of Oneida's SEC filings, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q.
SOURCE Oneida Ltd.
Contact Information: Richard Mahony, of Gavin Anderson & Company, +1-212-515-1960
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Oneida Signs Letter of Intent to Be Acquired by Private Investment Firms
ONEIDA, N.Y., July 14 /PRNewswire-FirstCall/ -- Oneida Ltd. (Pink Sheets: ONEI) today announced that it has signed a Letter of Intent to be acquired by an entity to be formed by D. E. Shaw Laminar Portfolios, L.L.C. ("Laminar") and Xerion Capital Partners LLC ("Xerion" and with Laminar the "Buyers"), both current Oneida shareholders.
Under the terms of the proposed transaction, Laminar and Xerion will pay at least $222.5 million, or an amount sufficient to pay in full the company's secured bank claims plus, among other things, the payment or assumption of all other general unsecured claims. In addition, the Buyers will include an element of consideration for the company's common equity holders in connection with securing their approval of the proposed transaction.
"The proposed agreement with Laminar and Xerion represents a very favorable outcome for Oneida and its stakeholders, including creditors, shareholders, employees, vendors and our valued customers," said Christopher H. Smith, Chairman of Oneida Ltd. "The possible investment by these two widely respected firms acknowledges the substantial progress Oneida has made in transforming its business, which began more than 18 months ago. These firms have had an opportunity to see our operations first-hand as shareholders, and we are pleased that they support Oneida's plan of reorganization. Importantly, their investment would bring stability and a long-term perspective to Oneida's shareholder base."
"This transaction would set the table for Oneida's growth," said James E. Joseph, President of Oneida. "As an 18-year veteran of Oneida, I am proud of what our people have achieved over the past 18 months, and I am truly excited about our future. We are prepared, as I believe few in our industry are, to meet our challenges, strengthen our business and provide exceptional service to customers."
It is currently anticipated that the proposed transaction would be in the form of an offer to purchase 100% of the equity interest of Oneida through a plan funding agreement. Execution of a definitive agreement is subject to, among other things, confirming due diligence by the Buyers, standard regulatory approvals and other conditions, including confirmation of Oneida's plan of reorganization by the Bankruptcy Court. Should Oneida and the Buyers fail to reach a definitive agreement, Oneida would move forward to complete its original recapitalization plan, which is supported by its lenders, in a timely manner.
About Oneida
Incorporated in 1880, Oneida Ltd. is one of the world's largest design, sourcing and distribution companies for stainless steel and silverplated flatware for both the consumer and foodservice industries. It is also the largest supplier of dinnerware to the foodservice industry in North America. Additional information about Oneida can be found at http://www.oneida.com.
Note on Forward-Looking Statements
This press release includes forward-looking information and statements. These statements are based on current expectations, estimates and projections. These expectations, estimates and projections are generally identifiable by statements containing words such as "expects," "believes," "estimates," "targets," "plans" or similar expressions. However, there are many risks and uncertainties, many of which are beyond our control, that could cause our actual results to differ materially from the forward-looking information and statements made in this press release. For further information regarding risks and uncertainties associated with Oneida's business, please refer to the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" sections of Oneida's SEC filings, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q.
SOURCE Oneida Ltd.
Contact Information: Richard A. Mahony of Gavin Anderson & Company, +1-212-515-1960
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Seems to be stuck here. Cpurse I bought in at HOD and am already contemplating selling, but it seems to be settling. I wonder when they will give us the offer price.
-------------------- Thanks Matto. Thanks Juice. Posts: 2945 | From: USA | Registered: Feb 2006
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Unfortunately I got stuck in this. Although, things are looking promising. Stead volume building it up again. Price is still above the 20,50, 100 MA's with plenty of headroom to the 200. MACD and histogram looking good for an uptrend along with RSI and CMF. %R and the slow/fast stochastics still undecided but not terrible.
Oneida Reorganization Plan is Confirmed Thursday August 31, 8:00 am ET
ONEIDA, N.Y., Aug. 31, 2006 (PRIMEZONE) -- Oneida Ltd. (Pink Sheets:ONEI) today announced that its prenegotiated plan of reorganization was confirmed by the U.S. Bankruptcy Court for the Southern District of New York, setting the stage for Oneida's emergence from Chapter 11 as a privately-held company. The Plan will significantly reduce the company's debt and open the way for renewed investment and growth. The company is expected to emerge from Chapter 11 on or about September 12, 2006. ADVERTISEMENT
``We are extremely pleased that the Court has approved our recapitalization,'' said James E. Joseph, President of Oneida. ``We are grateful to our customers, suppliers, partners and employees for their commitment during this process. The successful recapitalization is the culmination of a revitalization process we began more than 18 months ago and marks a new beginning for Oneida. We are looking forward to building on our strong brand and outstanding customer relationships to continue Oneida's growth into its second century.''
Oneida's plan of reorganization provides for the conversion of 100% of its Tranche B loan, representing approximately $100 million, into 100% of the equity of the newly reorganized company. The plan also includes $170 million in senior secured long-term credit facilities, consisting of an $80 million asset based revolving credit facility and a $90 million term loan that will refinance Oneida's Tranche A debt and provide the company with additional liquidity to continue to grow its business. Oneida's general unsecured creditors will not be impaired under the plan; however, existing common and preferred stockholders will not receive any distributions under the plan and their equity will be cancelled on the effective date of the plan.
Oneida Ltd. and certain of its U.S. subsidiaries filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code on March 19, 2006. In connection with these proceedings, Oneida was represented by Shearman & Sterling LLP as legal advisor and by Credit Suisse as financial advisor.
About Oneida
Incorporated in 1880, Oneida Ltd. is one of the world's largest design, sourcing and distribution companies for stainless steel and silverplated flatware for both the consumer and foodservice industries. It is also the largest supplier of dinnerware to the foodservice industry in North America. Additional information about Oneida can be found at http://www.oneida.com/news/08-31-2006.
Note on Forward-Looking Statements
This press release includes forward-looking information and statements. These statements are based on current expectations, estimates and projections. These expectations, estimates and projections are generally identifiable by statements containing words such as ``expects,'' ``believes,'' ``estimates,'' ``targets,'' ``plans'' or similar expressions. However, there are many risks and uncertainties, many of which are beyond our control, that could cause our actual results to differ materially from the forward-looking information and statements made in this press release. For further information regarding risks and uncertainties associated with Oneida's business, please refer to the ``Management's Discussion and Analysis of Financial Condition and Results of Operations'' and ``Risk Factors'' sections of Oneida's SEC filings, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q.
Contact: Oneida Ltd. Andrew G. Church, Chief Financial Officer (315) 361-3718
Gavin Anderson & Company Richard A. Mahony (212) 515-1960
Posts: 30 | From: South Carolina | Registered: Jul 2006
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however, existing common and preferred stockholders will not receive any distributions under the plan and their equity will be cancelled on the effective date of the plan.
Does this mean if I have shares that on Sep. 12 they will be gone? Can someone help me understand.
Posts: 30 | From: South Carolina | Registered: Jul 2006
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existing common and preferred stockholders will not receive any distributions under the plan and their equity will be cancelled on the effective date of the plan.
If you play it make sure you are out beforeThe company is expected to emerge from Chapter 11 on or about September 12, 2006.Posts: 3255 | From: Los Angeles California | Registered: Jan 2006
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