EveryWare Global Files For Chapter 11 Bankruptcy Protection - Quick Facts

(RTTNews) - EveryWare Global, Inc. (EVRY) said it is moving forward with the restructuring plan announced on April 1, 2015.

The company has filed voluntary Chapter 11 petitions to implement a prepackaged financial restructuring that will cancel about $248 million of its long-term debt in exchange for common stock representing 96 percent of the company's common stock post-emergence.

The terms of the restructuring support agreement include up to $40 million in debtor-in-possession or DIP facility to provide liquidity during the restructuring. It also provides for the secured lenders to become the owners of 96 percent of EveryWare Global's common stock upon emergence from bankruptcy. The company expects to emerge from bankruptcy within 60-75 days.