Waterford Declares Bankruptcy
-- Gifts & Decorative Accessories, 1/5/2009 9:27:00 AM
London — Waterford Wedgwood PLC filed for bankruptcy protection, according to The Associated Press, after negotiations with a U.S. private equity fund collapsed. The company has been struggling for some time, and its third loan extension expired on January 2nd.A Deloitte partner in the Irish Republic was appointed as receiver of Waterford Wedgwood PLC, and four administrators from business advisory firm Deloitte were appointed to run the company's businesses in Britain and Northern Ireland. The U.K. joint administrators said they intended to continue to run the business as they seek a buyer.
Trading in the company's shares was suspended on the Irish Stock Exchange. (The company was delisted from the London Stock Exchange on December 17).
Waterford Wedgwood CEO David Sculley said he was disappointed, but remained confident a buyer could be found. The company’s American subsidiary, Waterford Wedgwood USA, was not listed as one of the affected companies. A spokesperson for the U.S. firm could not be immediately reached for comment.
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