Oneida’s Reorganization Plan Confirmed

Law360, New York (August 31, 2006, 12:00 AM EDT) -- A federal judge has approved Oneida Ltd.’s reorganization plan over the objections of the company’s shareholders, who will be left with nothing when the flatware maker emerges from Chapter 11 on Sept. 12 as a private entity.

The approval came Wednesday from Judge Allan L. Gropper of the U.S. Bankruptcy Court in Manhattan, who said the plan called for all general unsecured debt to be paid in full.

“We are extremely pleased that the court has approved our recapitalization,” said James E. Joseph, Oneida’s president. “The...
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