The government has turned down Waterford Crystal’s request for a State-guaranteed loan to help it stay in business. The company had asked the government to underwrite a bank loan of €39 million.
It is understood consultants were engaged to advise on the request, made after the economic downturn and the recent collapse of the dollar threatened the company’s future. The response came on Tuesday evening.
An indication that any future requests for aid would be sympathetically considered will be of little comfort to the management and remaining workers, whose jobs are under threat.
The money would have been used to finance a restructuring of the company which includes laying off 490 of its staff, leaving just 500 on the payroll.
Expressing the belief that the glass manufacturer had a solid future, the government has left the door open for other State agencies to help out in the future.
A company spokesman said the rejection was “a disappointment”.