THE GOVERNMENT has refused, on grounds of commercial sensitivity, to release any records relating to its examination of a request from Waterford Wedgwood for guarantees on loans of up to €39 million.
The Department of Finance and the Department of Enterprise, Trade and Employment refused requests under the Freedom of Information (FOI) Act from The Irish Times for records compiled during Ministers' assessment of the case. After months of deliberation, the Cabinet last week rejected the company's application for State support.
The Department of Enterprise file on the case contains about 200 pages of correspondence and other records, according to a schedule released to this newspaper.
The schedule indicates that executives from Waterford first met the department on December 19th last and that there was a high level of engagement between both sides.
Among dozens of other records, the file indicates that Waterford wrote on six occasions to the then minister for enterprise, Micheál Martin, or to the secretary-general of his department.
There were six meetings with the firm, one of which - in February - was attended by the then minister for finance, Brian Cowen. There were also three phone calls.
Waterford Wedgwood, whose chairman, Sir Anthony O'Reilly, and his brother-in-law, Peter John Goulandris, have propped up the company to the tune of €300 million in recent years, is still examining alternative means of resolving a looming financial crisis in the business.
Financial results to be released next month are likely to show that Waterford had an operating loss of some €100 million in its last fiscal year, according to stockbrokers.
Such an outcome is likely to increase pressure on the company to move some of its crystal production to eastern Europe or further afield from its manufacturing plant in Kilbarry, Co Waterford.
Having dropped below one cent late last week, Waterford shares increased by 0.1 per cent of one cent to close last night at 0.9 per cent of one cent.
This price implies a market capitalisation of some €48.19 million on a business whose debts exceed €470 million.
