It was just announced that the Waterford/Wedgwood group has filed for bankruptcy. Waterford Wedgwood's lenders had repeatedly given the company extra time to arrange new funding and agreed to defer loan payments until 2 January. It has been negotiating with a US private equity firm over the sale of a controlling stake in return for taking on its debts and providing $280m of capital. But the company's board was forced to call in the receivers after its lenders, led by Bank of America, refused to postpone its interest payments for a fourth time.
The firm has posted a loss for the last five financial years, as declining demand for its products pushed sales down. Its future has been uncertain for months, despite attempts to cut costs by closing some sites and moving production to eastern Europe and Indonesia. Thousands of jobs have already been lost in the UK and Ireland.
Here's an interesting article about this.
From: The Guardian