Waterford Wedgwood: lenders give more time for investor talks

Waterford Wedgwood Plc said on 5 December 2008 that its lenders had agreed to give the loss-making luxury crystal and porcelain products group more time for talks with institutional investors.
“The …

Waterford Wedgwood Plc said on 5 December 2008 that its lenders had agreed to give the loss-making luxury crystal and porcelain products group more time for talks with institutional investors. “The company is also progressing discussions with the group“s senior lenders and their advisers to further extend the forbearance period, with appropriate intermediate milestones for the period of any such extension”, the firm said in a statement. “Assuming progress regarding new investment in the company continues to be made, the directors have reason to believe these senior lender discussions will reach a satisfactory conclusion”. Waterford Wedgwood, which owns Waterford Crystal, has been struggling for years to reverse a decline in demand for its luxury tableware, formerly a standard feature on wedding lists worldwide.