News Column

Lenders give Anchor Hocking 1-week reprieve

July 16, 2014

By Chris Fleisher, The Pittsburgh Tribune-Review



July 16--Anchor Hocking owner EveryWare Global Inc. has another week to work out a deal with lenders that would keep the company in business as it struggles to meet the terms on a $250 million loan.

The company announced late Tuesday that lenders have agreed to give it until 5 p.m. on July 22 to comply with the loan terms, extending a deadline that expired July 15. EveryWare has received several extensions from lenders as the company seeks concessions from labor unions that would lower operating costs.

Employees at a glassware plant in Lancaster, Ohio, accepted concessions before the July 4 holiday, but the 450-person workforce at a plant in Monaca has twice rejected amended contracts.

The company furloughed workers in May. Lancaster employees have returned to work, labor officials said. The Monaca plant, which partially reopened in June, has been shuttered since the July Fourth holiday, EveryWare said. It was "temporarily closed for planned maintenance," the company said in a statement last week, but it has yet to reopen, and "no decision has been made with regard to timing for resuming production."

Chris Fleisher is a staff writer for Trib Total Media. He can be reached at 412-320-7854 or cfleisher@tribweb.com.

___

(c)2014 The Pittsburgh Tribune-Review (Greensburg, Pa.)

Visit The Pittsburgh Tribune-Review (Greensburg, Pa.) at www.triblive.com

Distributed by MCT Information Services


For more stories on investments and markets, please see HispanicBusiness' Finance Channel



Source: Pittsburgh Tribune-Review (PA)


Story Tools






HispanicBusiness.com Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters