Ferretti, designed in Italy, owned by Chinese, bought by international High-net-worth individuals

Probably in the next few months Ferretti Group will find his new asset. Due his high debt rate the Italian shipbuilder is trying to find new partners/owners.  Probably this partner will be Asiatic, Chinese in particular. A Shandong Heavy Industry Group Co., send his offer to buy the majority of Ferretti’s stocks. Shandong Heavy Industry will buy Ferretti in a deal struck with lenders who have agreed to write down about 465 million euros of debt. Ferretti will be sold for about 220 million euros, meaning existing lenders will be paid 32 cents on the euro for the debt owed.

Lenders led by Royal Bank of Scotland Group Plc (RBS), Strategic Value Partners LLC and Oaktree Capital Management LP will be offered as much as 25% of Ferretti shares after the sale to Shandong. Los Angeles-based Oaktree holds about 40 percent of Ferretti’s debt, two of the people said, increased from less than 10 percent earlier this year. The yachtmaker will get a new 116 million-euro loan from Industrial & Commercial Bank of China and a 80 million-euro credit line as part of the deal with Shandong Heavy Industry. Ferretti will also get 100 million euros of new equity from the Chinese company, including 25 million euros underwritten by RBS and Strategic Value Partners. 

Related Posts