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Waterford Wedgewood Collapses
Waterford Wedgwood PLC, the maker of classic china and crystal, filed for bankruptcy protection on Monday after attempts to restructure the struggling business or find a buyer failed.Four administrators from business advisory firm Deloitte were appointed to run the company's businesses in Britain and Northern Ireland, while a Deloitte partner in the Irish Republic was appointed as receiver of Waterford Wedgwood PLC, the ultimate parent of the U.K. companies, and other Irish subsidiaries. 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 where they languished at just one-tenth of a euro cent and the company's directors _ including Anthony O'Reilly, the Irish publishing magnate who along with his brother-in-law Peter Goulandris owns more than half of all Waterford Wedgwood shares _ handed in their resignations. Posted by: 3dc 2009-01-05 |
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