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Anchor Hocking gets backing from investors

 
Anchor Hocking gets backing from investors
Posted Thursday, July 31st 2014 @ 6am  by WTVN Newsroom

LANCASTER, Ohio (WTVN) -- Hundreds of Anchor Hocking workers in Lancaster will keep their jobs after a last-minute cash infusion.

Anchor Hocking's parent company says investors have committed $20 million in cash and $60 million in credit to keep the company afloat.

"These transactions solve our covenant and liquidity challenges. Now we can focus on taking care of our customers and improving our operations," said EveryWare Global CEO Sam Solomon.

The next big test comes in March when another loan must be paid off.

 

The futures of 1,200 workers at the Fairfield County plant were in doubt amid the company's struggles to find funding. The company lost $38 million in the first quarter of 2014.

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