Waterford in talks with 10 parties - Deloitte

 

Waterford Wedgwood’s receiver, Deloitte Ireland, is in talks with at least ten potential buyers about a sale of the business’s assets, Angus Martin, one of the joint administrators said last night.

“We have had substantial talks with one party,” Mr Martin said in a telephone interview late yesterday.

“We have had in excess of 10 interested parties in contact.”

Irish crystal maker Waterford went into receivership from creditors on January 5th after losing money for five years and failing to find a buyer.

Luxury-goods makers are struggling to boost earnings as the credit crunch weighs on incomes and increases unemployment.

Mr Martin declined to comment yesterday on the identity of the potential buyers or when a deal may be completed.

At least one of the possible buyers may be a US buyout firm, the Daily Telegraphreported yesterday. As many as 2,700 Irish and British jobs may be at risk if no buyer can be found.

Deloitte Ireland was appointed as receiver for the company and some local units after banks declined to suspend a financial-covenant test for a fourth time.

Bloomberg