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Rosenthal: challenge to new credit agreement

Luxury glass and ceramics manufacturer Rosenthal has reached a new agreement with UK bank Burdale Financial giving the German firm access to credit of up to EUR 23.5 million over the next three years….

Luxury glass and ceramics manufacturer Rosenthal has reached a new agreement with UK bank Burdale Financial giving the German firm access to credit of up to EUR 23.5 million over the next three years. However, while management says the credit agreement provides essential liquidity, one small shareholder has announced plans to challenge the deal on the grounds that no German translation of the agreement has been presented or sent to shareholders. Small investors fear that the company may become over-dependent on the bank and Waterford Wedgwood, the Irish parent of Rosenthal. For the current business year to 31 March 2005, Rosenthal reports a further waiver of a shareholder loan repayment demand on the part of Waterford Wedgwood. In 2003, following a debt waiver of EUR 5 million by the parent company, and the release of reserves, the net loss for Rosenthal amounted to EUR 4.06 million instead of EUR 12.66 million.

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