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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
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November 17, 2014
08:46 EDTEVRYClinton Group pushes for merger of EveryWare Global, CSS Industries
Clinton Group, which together with its affiliates and fundsowns a significant stake in EveryWare Global (EVRY), announced that it has sent a letter to the Board of Directors of CSS Industries(CSS). "A merger of the two companies makes a lot of sense for all stakeholders while at the same time delivering a premium valuation and enhanced liquidity to CSS Industries," said Joseph A. De Perio, Senior Portfolio Manager of the Clinton Group. Clinton Group said it believes such a business combination could be achieved at a CSS share price of up to $34.00.

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