EveryWare Receives New Extension on Loan Agreement

EveryWare GlobalLANCASTER, Ohio-EveryWare Global has gained a further extension for the forbearance on its term loan agreement with the agreement's administrative agent and other lenders, this one to last through July 22.

The extension provides that the parties to the forbearance agreement, which constitute more than 50 percent of the lenders under the term loan agreement, will continue to forbear from exercising the rights and remedies they were entitled to after default "events" on the agreement earlier this year. According to an EveryWare statement, these events occurred when it failed to comply with the maximum consolidated leverage ratio covenant and the minimum interest coverage covenant for the fiscal quarters ending on March 31 and June 31.

This is the second extension on the forbearance since the beginning of July. Earlier this month, EveryWare was granted an extension which lasted through July 15.

In addition, EveryWare said it has entered into an amendment to its asset-backed loan agreement which has extended a temporary increase in the company's available liquidity from June 30 to the earlier of July 22 or the date on which the forbearance agreement terminates. If the forbearance agreement terminates before July 22, it will bring a default event under the asset-backed loan agreement.

HFN Staff | News & Commentary

HFN provides detailed information on the key home classifications: Housewares, Tabletop, Floor Covering & Rugs, Furniture, Home Textiles, Lighting, Home Decor, Mattresses & Bedding, Gifts, Major Appliances and Consumer Electronics as well as Business, Finance and Retail.

Videos

Current Issue

  • HFN May digital issue

    HFN's DIGITAL EDITION

    May 2017


    COVER STORY: HFN Turns 90

    We commemorate HFN's 90th anniversary by paying tribute to the iconic retailer and supplier brands--and the people--that have helped the industry flourish, then and now.


    ALSO IN THIS ISSUE:

    • Up & Coming Leaders - The home industry is in capable and visionary hands as this year’s 40 Under 40 list attests. Today’s young leaders span all disciplines and varied levels of operation.
    • Omnichannel Retailing - In the Mobile App World, Time is Money