World Kitchen Set to Emerge from Bankruptcy Dec 31, 2003

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CORNING World Kitchen Inc. should receive legal clearance to emerge from bankruptcy in mid-January.

A hearing to consider the case-closing motion for the company's bankruptcy will be heard on Jan. 12, 2004 in a U.S. Bankruptcy Court for the Northern District of Illinois, U.S.

The reorganization plan will allow the company to eliminate more than half its U.S. $811 million debt, according to court documents.

Company officials have said the plan will also increase the company's flexibility, allowing it to expand into new markets.

World Kitchen filed for bankruptcy protection in May 2002 after accruing unmanageable debt through the buy-outs of other houseware companies, including EKCO and General Housewares, in 1999.

World Kitchen manufactures a range of products -- from cookware to kitchen utensils -- under the brand names of Corelle, CorningWare, Revere, Pyrex, Visions, OXO, EKCO, Chicago Cutlery, and Regent Sheffield, Baker's Secret. (The Leader Online)

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