Oneida Case Study
Serving Up a Successful Restructuring Plan

Background
Established in 1880, Oneida Ltd. is one of the world’s largest marketers of stainless, silver-plated, and sterling flatware products, china dinnerware, crystal and glassware items. Oneida operates in the United States, United Kingdom, Canada, Mexico and Australia. The company originated in a utopian community established in the mid-nineteenth century, and has had a strong reputation for quality since that time.

Due to increased competition from foreign manufacturers, a shift in consumer preferences and a 2004 restructuring that did not sufficiently de-leverage the company, Oneida Ltd., along with eight of its subsidiaries and affiliates, filed for Chapter 11 protection on March 19, 2006 in the Southern District of New York.

On the day the company filed for Chapter 11, Oneida concurrently filed a pre-negotiated plan of reorganization in order to structure its debt quickly and refocus its efforts on improving company operations. Restructuring professionals and financial advisors involved in the case worked with key lenders to develop a Plan Support agreement, which enabled Oneida to secure debtor-in-possession financing from the onset of the restructuring.

Results
Working closely with Oneida’s team of professionals, Shearman & Sterling and Deloitte Financial Advisory Services, KCC handled a range of administrative functions of the case. KCC’s high-volume production facilities were a significant factor in effectively managing the daily noticing to thousands of creditors. Through KCC’s web-based platform, KCC CaseView, the professionals on the case were able to run real-time reports of time sensitive case information. This, among other ways KCC streamlined the restructuring process, helped accelerate Oneida’s emergence from Chapter 11.

Oneida emerged from Chapter 11 on August 30, 2006, just over five months after its filing date. The plan of reorganization eliminated $150 million in claims and provided the availability of $170 million in resources for the company’s future operations. Today, Oneida is positioned to re-assert itself as a market leader in the consumer and foodservice industries.

To learn more about how KCC can help ensure your success, email or call us at 866.381.9100.