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Ferretti finalizes debt restructuring; management, lenders hold equity
By Caroline Salls
Pittsburgh, July 22 - Ferretti SpA has finalized its debt restructuring, according to a company news release.
Under the restructuring, the company's long-term debt will be reduced to around €550 million from €1.1 billion against a conversion of credits into exit participation rights.
The company will also see an inflow of new funds through an €85 million capital increase, of which €70 million will be underwritten by chairman Norberto Ferretti and some of the group's management and the remaining €15 million will be underwritten by Mediobanca - Banca di Credito Finanziario SpA.
Ferretti will also obtain €65 million in additional medium-term credit facilities to fund working capital requirements, as well as an extension of existing short-term facilities for another €24 million granted by three major financial institutions that are already Ferretti group partners.
The company said the group's equity is now held by Norberto Ferretti and the group's management, Mediobanca and senior and mezzanine lenders for a total of 53% in exit participation rights.
Norberto Ferretti, the group's management and Mediobanca hold 100% of the group's voting rights.
In addition, the group's shareholders appointed the new board of directors, which will remain in office for the 2009 to 2011 period.
The new board members include chairman Norberto Ferretti, the new chief executive officer Salvatore Basile, vice chairman Alessandro Foti and directors Giancarlo Galeone, Lamberto Tacoli Augusto Fantozzi and Mario Giuseppe Rossetti.
Ferretti is a Forli, Italy-based designer, builder and seller of luxury motor yachts.
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