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Exhibit 99.2
WORLD KITCHEN RECEIVES EXTENSION OF BORDEN CREDIT FACILITY
ELMIRA, N.Y., January 19, 2001--World Kitchen, Inc. today announced
that its affiliate, Borden, Inc., has agreed to extend to February 28, 2001, the
maturity of Borden's $40 million line of credit to World Kitchen. As of January
18, 2001, World Kitchen had $38.5 million of availability under the Borden line
of credit.
Concurrent with this credit extension, World Kitchen is continuing its
discussions with its lead bank under its senior credit facility relating to an
amendment to that facility. Although World Kitchen has not finalized its results
of operations for fiscal year 2000 there is a likelihood, as noted in its
November 2000 10-Q filing, that World Kitchen will not be in compliance with the
credit facility's leverage covenant and interest coverage covenant at the end of
the fourth fiscal quarter of 2000.
"I'm pleased with Borden's clear expression of support," said Steven G.
Lamb, who became President & CEO of World Kitchen yesterday. "This action will
enable us to continue to focus on servicing our customers and maintaining our
level of investment in building our business as we work to re-negotiate the
terms of our bank agreement."
World Kitchen's principal products are glass, glass ceramic and metal
cookware, bakeware, tabletop products and cutlery sold under well-known brands
including CORNINGWARE, PYREX, CORELLE, VISIONS, REVERE, EKCO, BAKER'S SECRET,
CHICAGO CUTLERY, REGENT SHEFFIELD, OXO and GRILLA GEAR. World Kitchen has been
an affiliate of Borden, Inc. and a member of the Borden Family of Companies
since April 1998.
WKI -2-
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World Kitchen currently employs approximately 5,200 people and has
major manufacturing and distribution operations in the United States, United
Kingdom, South America and Asia-Pacific regions. Additional information can be
found at: www.worldkitchen.com.
Certain matters discussed in this press release are forward-looking
statements based on World Kitchen's current expectations and estimates as to
prospective events about which World Kitchen can give no firm assurance. These
forward-looking statements are based on management's expectations as of the date
hereof, and World Kitchen does not undertake any responsibility to update any of
these statements in the future. Actual future performance and results could
differ from that contained in or suggested by these forward-looking statements
as a result of the factors set forth in filings with the Securities and Exchange
Commission. See the cautionary statement relating to forward-looking statements
filed with the SEC in WKI Holding Company's Quarterly Report on Form 10-Q for
the period ended October 1, 2000.
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