This paper analyzes the performance of a two-way relay network experiencing co-channel interference from multiple interferers due to aggressive frequency reuse in cellular networks. We discuss two different scenarios: Outages are declared individually for each user (individual outage) and an outage is declared simultaneously for all users (common outage). We derive the closed-form expressions for the individual and common outage probabilities of the two-way relay network with multiple interferers. The validity of our analytical results is verified by a comparison with simulation results. It is shown that the analytical results perfectly match the simulation results of the individual and common outage probabilities. Also, it is shown that the individual and common outage probabilities increase as the number of interferers increases.