Ferretti lenders accept debt restructuringPosted on
Ferretti S.p.A.’s debt restructuring proposal was accepted by Royal Bank of Scotland for the senior loan and the financing pool of mezzanine lenders, the company said in a statement.
Ferretti S.p.A. is the Italian parent company of Bertram Yachts in Miami and Allied Richard Bertram Marine Group in Fort Lauderdale.
The agreement, according to the company, is the first step in the implementation of the plan aimed at strengthening the Ferretti group’s financial situation.
Candover and Permira, both private equity firms, will no longer be included in the group’s shareholder structure. The group’s equity will be held by Norberto Ferretti and the group’s management (38.5 percent), Mediobanca (8.5 percent) and senior and mezzanine lenders (for a total of 53 percent in exit participation rights).
As a result of the agreement, Norberto Ferretti, the group’s management, and Mediobanca will hold 100 percent of the group’s voting rights.
Once this agreement is implemented, the Ferretti group will have the capital strength and financial flexibility needed to face the challenges on the nautical market in the next few years, and continue to assert its position as a market leader, the company said in a statement.