Italian luxury yacht maker Ferretti has agreed a management buyout and a debt-for-equity swap.
Ferretti’s management, headed by Norberto Ferretti, will put €70m into the company, topped up by a further €15m from Mediobanca, as detailed by Reuters on March 26.
The company said previous owners Candover and Permira have no remaining stake after walking away from the heavily indebted company at the end of February.
The deal sees lenders, owed more than a €1.1bn, take a 53% stake in the superyacht maker, with management having a 38.5% holding and Mediobanca 8.5%. Chairman Norberto Ferretti and Mediobanca have gained full control of the firm, owning 100 percent of the voting rights.
Ferretti’s long-term debt has halved, to €550m, the company said, while lead banker Royal Bank of Scotland has extended a new loan, of €65m, to the firm.
A group of three lenders also extended the maturity of €24m of existing short-term loans, Ferretti said.
Rothschild acted as Ferretti’s financial adviser, while Ashurst advised Royal Bank of Scotland.
By Tom Freke. Editing by Greg Mahlich