Luxury crystalware and porcelain manufacturer Waterford Wedgwood plc on 5 January 2009 requested the suspension from trading of its shares on the Irish Stock Exchange following the appointment of Davi…
Luxury crystalware and porcelain manufacturer Waterford Wedgwood plc on 5 January 2009 requested the suspension from trading of its shares on the Irish Stock Exchange following the appointment of David Carson of Deloitte as Receiver to the company and certain of its Irish subsidiaries and the appointment of Angus Martin, Neville Kahn, Nick Dargan and Dominic Wong of Deloitte LLP as Joint Administrators to Waterford Wedgwood UK plc and certain UK subsidiaries. The move follows the expiry and non-renewal of the forbearance period, during which the company board focused its efforts on recapitalising the company and most recently on active discussions regarding possible investment in the company as a going concern. However, with the end of the forbearance period, the continuation of which was essential to the group continuing as a going concern, certain group companies have entered administration. Board members Sir Anthony O“Reilly, Lady O“Reilly, Mr Redmond O“Donoghue and Mr Patrick Molloy resigned on 5 January 2009 as directors of Waterford Wedgwood plc, and from any subsidiary boards of which they were members, effective immediately. David Sculley, group chief executive officer, Waterford Wedgwood plc, said: “I am disappointed that certain of the Group“s UK and Irish subsidiaries have had to go into administration and receivership, but we remain optimistic that ongoing discussions will result in a buyer being found for the businesses”. Sir Anthony O“Reilly said: “I want to commend the Board and the executives, the Irish and UK governments, our suppliers, our customers and our employees for all of their support and efforts. The Board has acted tirelessly in its efforts to resolve the Company“s issues as a going concern. And the principal shareholders have invested in support of this business for almost 20 years. We are consoled only by the fact that everything that could have been done, by management and by the Board, to preserve the Group, was done”.