US private equity group KPS Capital Partners has agreed to buy some assets of china maker Waterford Wedgwood, that fell into administration earlier this week, receiver Deloitte said today.
Deloitte said KPS has signed a letter of intent to acquire "certain assets" worldwide of the group, which includes famous crystal brand Waterford, potter Wedgwood - founded 250 years ago and a mainstay of wedding lists for generations - and Royal Doulton, known for fine china tableware and figurines.
The receiver and the joint administrators of the subsidiaries were working with KPS to agree terms as quickly as possible, Deloitte said.
"This is a critical step forward forward for Waterford Wedgwood," said the company CEO, David Sculley.
Shares in the heavily indebted company, which have declined steadily in value since 2001, were suspended on Monday.
Reuters