Waterford Wedgwood’s lenders have granted a third reprieve to the struggling luxury goods firm, extending their forbearance on a review of its banking covenants after the business failed to make an €8.2 million bond payment almost a month ago.
The company said today its senior lenders had agreed to a third extension to run until January 2nd.
At the company’s annual general meeting last Friday shareholders were told the company is relying on week-to-week forbearance from lenders after a €153.7 million equity-raising programme failed during the autumn despite contact with 200 potential investors
In its statement this morning Waterford said it was in “ongoing discussions” with the sole remaining unnamed interested party. This party is understood to be carrying out due diligence on a possible investment outside the parameters of the equity-raising programme initiated last summer.
At 9.45am Waterford's shares were unchanged at 0.001 cent giving it a market capitalisation of of €85 million. The company's shares are down 95 per cent over the last year underperforming the Iseq which has fallen 65 per cent over the period.