This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Why EveryWare Global (EVRY) Stock Is Soaring Today

NEW YORK (TheStreet) -- EveryWare Global (EVRY) soared Monday after the company reached an agreement with lenders to waive its breached debt covenants, which would allow it to maintain solvency for the remainder of the month.

The Lancaster, Ohio-based manufacturer of Oneida cutlery and Anchor Hocking glassware fell out of compliance with its investor covenants at the end of its first quarter. EveryWare said in a statement Saturday that lenders agreed not to exercise their rights under a forbearance agreement that lasts until June 30. The rights included a requirement for the company to repay a $250 million term loan.

Bloomberg reports comments from Chief Financial Officer Bernard Peters, who said on May 23 that having to retire the term loan could have brought EveryWare into insolvency.

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

Must Read: Warren Buffett's 25 Favorite Stocks

The company did not produce sufficient cash flow to satisfy leverage and maintenance covenants on the loan after a decline in consumer spending resulted in losses in six of the past seven quarters.

Standard & Poor's said in a May 16 note that lenders could be left with as little as 10 cents on the dollar should EveryWare become insolvent.

The stock was up 59.09% to $1.75 at 3:09 p.m.

EVRY Price Chart

EVRY Price data by YCharts

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

Editor's Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer or Stephanie Link.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
EVRY $0.06 0.00%
AAPL $93.70 -0.04%
FB $118.66 0.91%
GOOG $698.70 0.82%
TSLA $241.90 0.47%


Chart of I:DJI
DOW 17,888.04 +114.40 0.64%
S&P 500 2,081.59 +16.29 0.79%
NASDAQ 4,818.61 +43.2520 0.91%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs