Oneida’s Bankruptcy Plan Opposed

Law360 (July 5, 2006, 12:00 AM EDT) -- Two separate entities have come out against Oneida Ltd.’s reorganization plan, putting in jeopardy the flatware maker’s imminent emergence from Chapter 11.

In filing an objection Friday with the U.S. Bankruptcy Court in Manhattan, the committee of shareholders accused Oneida of bargaining in bad faith and of stocking the board of directors with individuals hostile to its position.

“[We] were intentionally excluded from the bargaining, and, not surprisingly, the pre-negotiated plan bares the hallmarks of inside negotiations,” the shareholders said in court filings.

They were especially...
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