January 9, 2009 / 5:14 PM / 11 years ago

Waterford's German unit files for insolvency

LONDON, Jan 9 (Reuters) - German porcelain maker Rosenthal, a subsidiary of Irish china maker Waterford Wedgwood WTF_u.I, said on Friday it had filed for the opening of insolvency proceedings.

Waterford Wedgwood called in receivers on Monday and placed two of Britain’s most venerable china makers, Josiah Wedgwood & Sons Ltd and Royal Doulton Ltd, into administration, a form of creditor protection.

Rosenthal was initially exempt from those proceedings.

“Despite intensive efforts of the Board of Directors of Rosenthal AG and the involved parties, a sale of Rosenthal AG as a whole outside an insolvency proceeding could not be completed,” Rosenthal said in a statement.

It added that it hoped advanced talks over a possible takeover by an unnamed investor would still continue and come to a close shortly.

Waterford’s receiver, Deloitte, said on Thursday that U.S. private equity group KPS Capital Partners had signed a letter of intent to buy some of Waterford’s assets.

Waterford employs around 8,000 people worldwide, including about 1,000 in Germany. (Reporting by Mark Potter; Editing by David Cowell)

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