Ferretti managers propose equity injection

FORLÌ, Italy – Italian yacht builder Ferretti S.p.A. is in advanced negotiations for the restructuring of the group's indebtedness, it reported in a statement yesterday. Once the proposal is agreed, it will be circulated to all the lenders with a view to being approved as soon as possible, according to the company.

Once accepted by the lenders, the proposal would provide for an injection of new equity by some key managers of the Ferretti group, led by Chairman and Chief Executive Officer Norberto Ferretti and a primary financial investor, as well as the provision of new credit lines in favor of the group. This proposal, if accepted, would reduce the group's debt burden, Ferretti suggested.

On the terms proposed, private equity owners Candover and Permira will not participate in the restructuring of Ferretti S.p.A. and will not be part of the shareholding structure of the group going forward, according to the Italian yacht builder.

The Chairman and Chief Executive Officer Norberto Ferretti and the key managers are fully satisfied with the negotiations to date and are committed to work towards finalizing the proposal and then its successful and prompt implementation, according to the statement.

  • For more of the latest news, click here.

Advertisement

Leave a Reply

Your email address will not be published. Required fields are marked *

*