Waterford Crystal - Ireland

The Irish government is not going to help Waterford Crystal. Debt-ridden Waterford Crystal faced a renewed cash crisis Tuesday after the Irish government said it would not act as guarantor for any new bank loans. Waterford Wedgwood PLC., parent company of the iconic Irish crystal maker, announced last month that banks would not extend any more credit unless the government guaranteed repayment. The Waterford's hand-cut crystal plant is a tourist attraction in the city of Waterford. The company warned that the plant may have to close unless the government helps secure a $61 million loan. Doesn't sound well for them, does it?