Oneida Agrees To Buyout By Two Hedge Funds

Law360, New York (July 17, 2006, 12:00 AM EDT) -- Bankrupt flatware maker Oneida Ltd. has agreed to be bought out by two of its shareholders—hedge funds D.E. Shaw Laminar Portfolios LLC and Xerion Capital Partners LLC—for a minimum of $222.5 million, a move Oneida touted as a win for both the company and its creditors.

On July 13, Oneida’s chairman Christopher H. Smith signed off on a letter of intent penned by the two hedge funds.

“The proposed agreement with Laminar and Xerion represents a very favorable outcome for Oneida and its stakeholders, including creditors,...
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