Possible US investor for Waterford

A US private equity fund is understood to be in talks to take a controlling stake in Waterford Wedgwood for €600 million.

Under the terms of the deal, the US investor group would assume about €400m in debt — split almost equally between bonds and bank loans — and provide the struggling crystal and ceramics manufacturer with €200m in new capital, according to sources.

The deal is desperately needed to save Waterford Wedgwood because it has been unable to raise operating capital in recent months and has posted nearly six years of consecutive losses.