The owner of Anchor Hocking glassmaker, EverywhereWare Global, has filed for bankruptcy.

The US company said it was part of a prepackaged deal with lenders that will enable it to stay in business.

EveryWare said the financial restructuring will cancel $248 million of the company’s long-term debt. The company was formed in March 2012 by the merger of Anchor Hocking and Oneida but has been in financial crisis since early 2014 when it revealed larger-than-expected losses.

That led the company to renegotiate credit terms and temporarily shut down manufacturing operations at two sites in the USA.

Anchor Hocking has two manufacturing sites in Lancaster, Ohio and in Monaca, Pennsylvania

The Chapter 11 filing follows EveryWare’s April 1 announcement that it had reached a restructuring agreement with holders of about $163.1 million, or 66% of its $248.8 million term loan.

The proposed plan will pay unsecured creditors in full and give preferred shareholders 2.5% of the new stock. Secured lenders will get 96%. The company said it expected to exit bankruptcy in 60 to 75 days.

“We are pleased to have the support of our lenders to move forward with a restructuring plan that addresses our balance sheet to secure a bright future for our company,” Sam Solomon, CEO of EveryWare Global, said.