EveryWare Global To File For Chapter 11 Bankruptcy

Yesterday, EveryWare Global and its lenders executed a restructuring support agreement that sets forth the material terms of Chapter 11 restructuring.

The company said it plans to emerge from bankruptcy within 60 to 75 days.

According to EveryWare, the “prepackaged” bankruptcy plan is expected to allow the company to operate its business as usual throughout the restructuring. The plan is also expected to “minimize the time and expense” and “provide for sufficient liquidity” during the restructuring.

“We are pleased to have the support of our lenders to move forward with a restructuring plan that addresses our balance sheet to secure a bright future for our company,” said Sam Solomon, president and CEO, EveryWare Global.

“We have made considerable progress improving our day-to-day operations and this restructuring plan strengthens the company’s balance sheet for long-term success. We are confident that this plan is in the best interest of our customers, vendors, employees and our business partners,” he said.

According to the company statement, after EveryWare’s emergence from bankruptcy, it is expected that the secured lenders will become the owners of 96% of EveryWare Global’s common stock and that it will cease to be a publicly traded company.