EveryWare Global, Inc.announced that the U.S. Bankruptcy Court for the District of Delaware, which has been overseeing the company's Chapter 11 proceedings following its filing on April 7, 2015, confirmed the company's financial restructuring plan that, among other things, will substantially reduce the company's long-term debt.

The plan, as supplemented, provides for the cancellation of the company's existing common stock. The company's existing common stockholders and holders of in-the-money warrants (other than the company's prepetition term loan lenders and their affiliates and certain stockholders affiliated with the company) will receive cash equal to $0.06 per existing share of common stock. The plan provides that the company's prepetition term loan lenders will receive approximately 96.3% of the reorganized company's common stock in exchange for their term loans. The plan provides that all shares of the company's currently outstanding preferred stock will be cancelled and holders of the existing preferred stock will receive shares of new common stock equal to approximately 2.5% of the reorganized company's common stock. The plan provides that the company's prepetition term loan lenders and their affiliates and certain stockholders affiliated with the company who hold existing common stock and existing in-the-money warrants will receive approximately 1.2% of the reorganized company's common stock. Out-of-the-money options and warrants will be cancelled pursuant to the plan of reorganization.

"We are very pleased that the Bankruptcy Court has confirmed our restructuring plan," said Sam Solomon, President and Chief Executive Officer of EveryWare Global. "As we prepare to exit bankruptcy, we are in a much stronger financial position and now have the opportunity to grow by investing in our brands, innovation and customer relationships."

EveryWare Global expects to finalize all proceedings and emerge from Chapter 11 promptly

EveryWare is a leading global marketer of tabletop and food preparation products for the consumer and foodservice markets, with operations in the United States, Canada, Mexico and Asia.