Kitchen product maker EveryWare Global Inc. won final court approval on Tuesday to tap a $40 million bankruptcy loan as it works to implement a restructuring plan that will cut $250 in debt from its balance sheet, the Wall Street Journal reported today. The approval from Bankruptcy Judge Laurie Selber Silverstein comes after no objections were filed to the terms of the bankruptcy financing. EveryWare has been on the fast track in its bankruptcy case since filing for chapter 11 on April 7 with a pre-negotiated deal with creditors already in hand. In addition to the $40 million bankruptcy loan from existing senior lenders, EveryWare has access to a $60 million revolving credit line from Wells Fargo & Co. EveryWare, which makes Anchor Hocking and Oneida bakeware, stemware and other products, plans to turn over 96 percent of equity in a restructured company to term-loan lenders owed $248.7 million. The remaining 4 percent of equity will go to current shareholders in exchange for their support of the restructuring.
