EveryWare Global, Inc. Receives Nasdaq Delisting Notice
08 Abril 2015 - 4:32PM
EveryWare Global, Inc. (Nasdaq:EVRY) announced that it has been
notified by the Staff of The Nasdaq Stock Market LLC ("Nasdaq")
that, because the Company filed a voluntary petition for protection
under Chapter 11 of the U.S. Bankruptcy Code on April 8, 2015,
Nasdaq intends to delist the Company's common stock from the Nasdaq
Stock Market by filing a delisting application with the Securities
and Exchange Commission. As previously disclosed, the Company has
reached an agreement with its secured lenders on a comprehensive
balance-sheet restructuring that, among other things, will
substantially reduce the Company's long-term debt. To implement the
restructuring, the Company filed a voluntary petition for a
prepackaged Chapter 11 bankruptcy in the U.S. Bankruptcy Court for
the District of Delaware.
The Company does not intend to appeal the delisting
determination. The Company anticipates that the delisting of its
common stock from the Nasdaq Stock Market will be effective at the
opening of trading on April 17, 2015.
The Company expects that its securities will be immediately
eligible to be quoted on the OTC Bulletin Board (the "OTCBB") or in
the "Pink Sheets." To be quoted on the OTCBB or the Pink Sheets, a
market maker must sponsor the security and comply with SEC Rule
15c2-11 before it can initiate a quote in a specific security. If
the Company's securities are delisted from Nasdaq, there can be no
assurance that a market maker will apply to quote the Company's
common stock or that the Company's common stock will become
eligible for the OTCBB or the Pink Sheets.
About EveryWare Global, Inc.
EveryWare (Nasdaq:EVRY) is a leading global marketer of tabletop
and food preparation products for the consumer and foodservice
markets, with operations in the United States, Canada, Mexico and
Asia. Its global platform allows it to market and distribute
internationally its total portfolio of products, including
bakeware, beverageware, serveware, storageware, flatware,
dinnerware, crystal, buffetware and hollowware; premium spirit
bottles; cookware; gadgets; candle and floral glass containers; and
other kitchen products, all under a broad collection of
widely-recognized brands. Driven by devotion to design, EveryWare
is recognized for providing quality tabletop and kitchen solutions
through its consumer, foodservice, specialty and international
channels. EveryWare was formed through the merger of Anchor
Hocking, LLC and Oneida Ltd. in March of 2012. Additional
information can be found at www.everywareglobal.com,
www.oneida.com, and www.foodservice.oneida.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 21E of the Securities Exchange Act of 1934,
as amended. For this purpose, any statements contained herein that
are not statements of historical fact regarding industry outlook,
financial covenant compliance, anticipated effects of acquisitions,
production of new products, plans for capital expenditures, and the
Company's results of operations or financial position and
liquidity, may be deemed to be forward-looking statements. Without
limiting the foregoing, the words "estimate," "plan," "project,"
"forecast," "intend," "expect," "anticipate," "believe," "seek,"
"target," and similar expressions are intended to identify
forward-looking statements. Such forward-looking statements
represent management's current expectations and are inherently
uncertain. Investors are warned that actual results may differ from
management's expectations. Additionally, various economic and
competitive factors could cause actual results to differ materially
from those discussed in such forward-looking statements, including,
but not limited to, such risks relating to (i) the conclusion by
our auditor that there is substantial doubt about our ability to
continue as a going concern; (ii) risks and uncertainties
associated with the bankruptcy proceedings, including our ability
to consummate the transactions contemplated by the restructuring
support agreement entered into among us, certain of the lenders
under our term loan and certain of our equity holders within the
time frame contemplated therein; (iii) whether the proposed
debtor-in-possession financing will be approved by the bankruptcy
court on the terms contemplated and whether such funds will provide
sufficient liquidity during the pendency of the Chapter 11
proceedings; (iv) the limited recovery for holders of our common
stock resulting from the Chapter 11 proceedings; (v) increased
costs related to the Chapter 11 proceedings; (vi) loss of customer
orders, disruption in our supply chain and loss of the ability to
maintain vendor relationships; (vii) general economic or business
conditions affecting the markets we serve; (viii) our ability to
attract and retain key managers; (ix) risks associated with
conducting business in foreign countries and currencies; (x)
increased competition in our markets; (xi) the impact of changes in
governmental regulations on our customers or on our business; (xii)
the loss of business from a major customer; and (xiii) our ability
to obtain future financing due to changes in the lending markets or
our financial position. All subsequent written and oral
forward-looking statements attributable to us or persons acting on
our behalf are expressly qualified in their entirety by such
cautionary statements.
CONTACT: Erica Bartsch
Sloane & Company
ebartsch@sloanepr.com
212-446-1875
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