The bankruptcy hearing for Oneida Ltd. wrapped up last Friday without a resolution, other than the letter of intent between the company and bidders D.E. Shaw Laminar Portfolios LLC and Xerion Capital Partners LLC expiring. The hearing will resume tomorrow at 2 p.m., and one equity holder told Mergers & Acquisitions Report he thinks D.E. Shaw and Xerion will walk.

Daniel Arbess, CEO of Xerion declined comment, and a spokesman for D.E. Shaw could not be reached.

Additionally, an external spokesman for Oneida, which entered Chapter 11 with a prepack on March 19, did not return a call.

Based in the upstate New York town of the same name, Oneida manufactures tableware. With the prepack, Oneida equity is wiped out. The D.E. Shaw/Xerion proposal offers "an element of consideration" for equity holders.

Bankruptcy