A US investment fund, which specialises in investing in distressed or bankrupt companies, is preparing a bid for luxury goods and crystal manufacturer Waterford Wedgwood.
The Receiver of Waterford Wedgwood Plc and the Joint Administrators of Waterford Wedgwood UK Plc announced on Thursday that they have entered into a letter of intent with KPS Capital Partners, LP, a New York-based private equity limited partnership (http://www.kpsfund.com/), in connection with the proposed acquisition by KPS of assets of the Group worldwide, including certain assets of Waterford, Wedgwood, and Royal Doulton, amongst others. The Receiver and Joint Administrators are working with KPS to expeditiously agree the terms upon which a transaction can be completed in the interests of stakeholders. In the interests of maximising returns to creditors, and in accordance with our duties, the Receiver and the Joint Administrators will continue with our Fast Track M&A process in parallel.
David Sculley, CEO of Waterford Wedgwood, said “This is a critical step forward for Waterford Wedgwood. We commend KPS for its confidence in our Company, for the enormous amount of time, effort and resources expended by KPS globally that have resulted in reaching this important stage. I look forward to working towards the successful completion of a deal.”
David Carson, Receiver said, “This is an important step towards our key objective of maximising value for stakeholders.”