Bertram parent agrees to debt swapPosted on
Ferretti SpA, the Italian parent company of Bertram Yachts in Miami and Allied Richard Bertram Marine Group in Fort Lauderdale, reportedly has agreed to a debt-for-equity swap with its lenders.
Ferretti’s lenders have agreed to take control of the builder of Riva and Bertram yachts by swapping part of its $1.6 billion of debt for equity, according to a report from Bloomberg News. A group of about 100 creditors, led by Royal Bank of Scotland Group, will receive warrants entitling them to 53 percent of the company in the event it is sold, Bloomberg reports.
Ferretti officials this morning declined to comment on the reports.
The boatbuilder, which had been planning to sell shares to the public before the financial crisis eroded demand for luxury yachts, missed payments in January on some of the loans used to fund its buyout by Candover Investments Plc in 2006, according to Bloomberg.