New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
June 1, 2014
17:58 EDTEVRYEveryWare Global provides update on credit agreements
EveryWare Global announced that it entered into a Forbearance Agreement with the administrative agent and certain other lenders under the company's Term Loan Agreement. In addition, EveryWare entered into an amendment to the company's asset back loan, ABL, agreement with the lenders under its ABL facility. The company also announced it intends to partially reopen its Monaca, Pennsylvania facility. The Forbearance Agreement provides that the lenders under the Term Loan Agreement will forbear from exercising their rights and remedies under the Term Loan Agreement with respect to the events of default that occurred as a result of the company's failure to comply with the maximum consolidated leverage ratio covenant and the minimum interest coverage ratio covenant for the fiscal quarter ended March 31. The period of forbearance is set to expire at 5:00 p.m. New York City time on June 30, unless terminated earlier pursuant to the terms of the Forbearance Agreement. In addition, the company entered into an amendment to the company's ABL agreement. Among other things, the ABL amendment provided for a 0.50% per annum interest rate increase and extended the temporary increase in the company's available liquidity from May 30 to the earlier of (i) June 30 and (ii) the date on which the Forbearance Agreement terminates in accordance with its terms. Separately, the company announced its intention to partially reopen its Monaca, Pennsylvania facility. As previously disclosed, the company temporarily shut down the Monaca facility and its Lancaster, Ohio facility on May 15 as part of its efforts to conserve cash and reduce glassware inventory. The company currently intends to reopen three of the six production lines at the Monaca facility on June 2 to support customer orders. The company has not yet determined when it will reopen the remaining production lines or when it will reopen its Lancaster, Ohio facility.
News For EVRY From The Last 14 Days
Check below for free stories on EVRY the last two weeks.
Sign up for a free trial to see the rest of the stories you've been missing.
There are no results for EVRY

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use