Oneida Limited enters bankruptcy with plan

Monday, March 20th 2006, 9:43 am

By: News On 6

ONEIDA, N.Y. (AP) _ Oneida Limited has filed a plan to reorganize under Chapter Eleven bankruptcy protection that calls for the central New York-based company to shed about $100-million dollars in debt.

A company officials say Oneida filed its plan yesterday in the US Bankruptcy Court for the Southern District of New York in Manhattan.

The announcement comes a year after the flatware company closed its factories, including its plant in Sherrill, near Utica. Oneida made the move to concentrate on distributing and marketing imported flatware.

Oneida announced earlier this month that it would file for bankruptcy protection after agreeing to a debt-for-equity deal with its lenders.

The company expects to be out of Chapter 11 in by mid-June. None of the company's 936 employees -- including about 430 in central New York -- will be affected by the filing.