Skip to main content

Bertram parent agrees to debt swap

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.

Related

01_DROUGHT

Open for Business

Despite drought conditions in the western United States, boating remains popular on Lake Mead and elsewhere.

1_OIL.PRICE

Crude Weakens and Gas Prices Ease

West Texas Intermediate crude oil fell below $100 per barrel yesterday, while gasoline and diesel prices have slipped from their June highs.

1_RFA.NIXON

RFA Hires Executive Director

Robert Nixon brings fishing-policy expertise and lobbying experience to the group’s efforts to preserve anglers’ rights.

Teaser-Graphic-6-29-22_2

2022 Women in the Industry Summit, Leadership Panel, Awards Ceremony & Reception

MONDAY, SEPTEMBER 26, 2022, MARRIOTT TAMPA WATER STREET, TAMPA, FL

DealerOutlook

Seabins Coming to Lake Erie

The devices, deployed as part of a pilot program, skim and collect debris from the water, including microplastics. Meanwhile, MBIA announces scholarship funds.

1_BOATSETTER

Boatsetter Reports Uptick in Rentals

The on-water experience company has seen triple-digit growth in pontoon and party-boat rentals, as well as fishing and yacht charters.

1_SMARTGYRO

Smartgyro Signs Distributors, Hires Sales Manager

The company said the three U.S. distributors, working with Bob Walker, will help expand its dealer network and brand recognition.

1_YEARGIN

The Upside of a Downturn

Economic challenges should push you to develop a strategy that helps you weather the storm and come out stronger on the other side.