250-year-old company enters bankruptcy

LONDON, Jan. 5 (UPI) -- Waterford Wedgwood, maker of Waterford Crystal, says it has gone into administration (bankruptcy) in Britain after missing a deadline with lenders.

Lenders had deferred payment on loans until Jan. 2 while the 250-year-old company tried to raise about $290 million in fresh capital, The Guardian reported Monday.

Most recently, the company, which also makes Royal Doulton, had attempted to sell controlling stake to a U.S. equity firm, but negotiations ran out of time, the newspaper said.

Although there are differences, administration is the equivalent of filing for bankruptcy protection in the United States.

Chief Executive Officer David Sculley said he was "optimistic that ongoing discussions will result in a buyer being found for the business," which was begun in 1759 by "the father of English potters," Josiah Wedgwood.