Shearman & Sterling represents Oneida Ltd. and certain of its domestic direct and indirect subsidiaries in their prenegotiated chapter 11 reorganization.  The chapter 11 cases were filed on March 19 in the United States Bankruptcy Court for the Southern District of New York.  Prior to filing for chapter 11 relief, Oneida, with the assistance of Shearman & Sterling, (a) arranged for $40 million of debtor-in-possession financing, (b) secured a commitment from Credit Suisse for $170 million of exit financing and (c) obtained the support of 94% of its Tranche A Lenders, holding approximately $115 million of debt, and 100% of its Tranche B Lenders, holding approximately $100 million of debt.  As part of the reorganization process, Oneida also is seeking to terminate one or more of its defined benefit plans.  Oneida’s proposed prenegotiated plan of reorganization provides that, among other things, the then-outstanding debtor-in-possession financing and the Tranche A Loan will be refinanced in full with proceeds from the $170 million exit facility, and the Tranche B Lenders will be issued 100% of the equity of reorganized Oneida.

Oneida is one of the world's largest sourcing and distribution companies for consumer and foodservice stainless steel and silverplated flatware, as well as the largest supplier in North America of dinnerware to the foodservice industry. 

Attorneys included partners Roger Baneman (NY-TX), Douglas Bartner (NY-BR), John Cannon (NY-ECEB) and Danielle Carbone (NY-CM), counsel Lynette Kelly (NY-BR) and John Morrison (NY-ECEB), associates Abigail Deering (NY-BR), Simon Dunbar (NY-BR), Yuichi Haraguchi (NY-BR), Bryan Kaplan (NY-BR), Solomon Noh (NY-BR), Henry Nguyen (NY-BR), Peter Psiachos (NY-TX), Ned Schodek (NY-BR), Valeria Sombra (NY-ECEB) and Cherie Spraggs (NY-BR), and legal assistants Nicholas Pullen (NY-BR) and Erin Reilly (NY-BR).