Ferretti completes debt restructuring


Ferretti S.p.A., the Italy-based boatbuilder, finalized its debt restructuring and appointed a new board of directors.

With the restructuring, Ferretti expects to reduce its long-term debt, from about 1.1 billion euros to around 550 million euros; increase capital by 85 million euros; further medium-term credit facilities to fund working capital requirements totaling 65 million euros; and extend 24 million euros of existing short-term facilities to medium-term.

The Ferretti Group's equity is now held by Norberto Ferretti and the group's management (38.2 percent), Mediobanca (8.8 percent) and senior and mezzanine lenders (for a total of 53 percent in exit participation rights). Norberto Ferretti, the group's management and Mediobanca hold 100 percent of the group's voting rights.

Norberto Ferretti, the group's management, and Mediobanca have finalized the acquisition of Ferretti S.p.A. and implemented the capital increase through newCo Ferretti Holding S.p.A., for which Mediobanca also acted as financial advisor.

The group's shareholders also appointed a new board of directors, which will remain in office for the 2009-11 period. The new board is composed of the following members: Norberto Ferretti, chairman; Salvatore Basile, CEO; Alessandro Foti, vice chairman; and directors Giancarlo Galeone, Lamberto Tacoli, Augusto Fantozzi, and Mario Giuseppe Rossetti.

"I am very satisfied Salvatore Basile is joining our group," said Norberto Ferretti, chairman and founder of the Ferretti Group, in a statement. "By drawing on the strong experience he has accumulated over the years, Salvatore Basile will make a decisive contribution to the development of our projects."

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