EveryWare Global, parent company of Anchor Hocking, is to file for Chapter 11 bankruptcy and reorganize with secured lenders owning 96% of the company, thus becoming a privately owned company. According to a company release, the move will reduce the company's long-term debt. The company expects to emerge from bankruptcy in 60 to 75 days after filing in the US Bankruptcy Court for the District of Delaware. "We are pleased to have the support of our lenders to move forward with a restructuring plan that addresses our balance sheet to secure a bright future in our company," EveryWare Global President and CEO Sam Solomon said in the release. "We have made considerable progress improving our day-to-day operations and this restructuring plan strengthens the company's balance sheet for long-term success. We are confident that this plan is in the best interest of our customers, vendors, employees and our business partners." The company said it expects the business to operate normally during the restructuring process.
