Oneida kitchenware maker EveryWare Global Inc. filed for bankruptcy with a plan that will hand control of the company to secured lenders.
The Lancaster, Ohio-based company, a supplier of plates, glasses and silverware to consumers and restaurants, reported consolidated assets of about $237.8 million and consolidated debt of about $380.4 million as of Sept. 30, according to papers filed Wednesday in bankruptcy court in Wilmington, Delaware.
The Chapter 11 filing follows EveryWare’s April 1 announcement that it had reached a restructuring agreement with holders of about $163.1 million, or 66 percent of its $248.8 million term loan.
The proposed plan will pay unsecured creditors in full and give preferred shareholders 2.5 percent of the new stock. Secured lenders will get 96 percent. The company said it expected to exit bankruptcy in 60 to 75 days.
U.S. Bankruptcy Judge Laurie Silverstein, at a hearing on Thursday in Wilmington, gave the company permission to pay wages and benefits to about 1,557 employees.
The company, which has operations in the U.S., Canada, Mexico and Asia, was formed through the merger of Anchor Hocking LLC and Oneida Ltd. in March 2012. Both units trace their roots to the 19th century, according to the EveryWare website. Anchor Hocking, in a separate bankruptcy filing, listed assets of $100 million to $500 million and debt of as much as $1 billion.
Several key executives have left the company since September, including the chief financial officer, the senior vice president of operations and supply chain, and the senior vice president of sales.
Revenue for the three-month period ended Sept. 30 dropped 20 percent to $81.2 million, EveryWare said. The company reported a net loss of $49.4 million for that quarter as customer orders declined due to lower inventory levels for certain products after it idled factories to conserve cash.
EveryWare’s largest holders include Monomoy Capital Partners with 59 percent of the stock and Clinton Group Inc. with 24 percent, according to the filing.
The case is In re EveryWare Global Inc., 15-10743, U.S. Bankruptcy Court District of Delaware (Wilmington).
(An earlier version of this story corrected earnings information.)