Judge Allan Gropper of the U.S. Bankruptcy Court, Southern District of New York, concluded the hearings for Oneida Ltd. yesterday, and during the proceedings, he stressed the need to render a final opinion expeditiously. "I'm going to hear final arguments," Gropper said at the outset of the hearing, adding, "I'm going to allow the parties to continue their discussions with some sense of urgency."

The discussions to which he referred where those between Oneida and unsolicited bidders D.E. Shaw Laminar Portfolios LLC and Xerion Capital Partners LLC. Oneida, a tableware manufacturer based in the upstate New York town of the same name, publicized the D.E, Shaw/Xerion proposal on July 14. Oneida has been in Chapter 11 since March 19. The offer is worth $222.5 million or the amount needed to compensate senior lenders in full and provides "an element of consideration" for equity holders.

Yesterday, D.E. Shaw/Xerion representatives indicated there were still items of due diligence and conditions to going forward that they had to work through. Gropper concluded the hearing and told those parties that if they're able to put something in writing together for the company then Oneida will consider at that time.

Speaking for the debtor at the hearing yesterday, Douglas Bartner, a partner at Shearman & Sterling LLP, said D.E. Shaw's offer includes a $6 million face amount junior subordinated security for the common equity holders and a $2.2 million face amount security for the preferred stock holders.

Shearman partner, Michael Torkin, who is also working on Oneida, told Mergers & Acquisitions Report this morning, "The judge is going to issue his ruling one way or the other, hopefully within the next week."