Waterford lenders agree to extend suspension

Troubled luxury goods manufacturer Waterford Wedgwood says senior lenders have agreed to a further suspension of a test of financial covenants arising from its failure to make a €8.2 million debt payment due last Monday.

The extension runs through December 12th. Waterford is working to recruit new investors after failing last month in a €74.1 million fundraising effort.

The company yesterday reported a pretax loss of €63.2 million in the first half of its fiscal year. The company said a drop in sales in the six months to October and significant restructuring costs had contributed to rising losses.

In a statement yesterday Waterford chief executive David Sculley said the company was in negotiations with a number of institutional investors.