Ferretti S.p.A. announces the finalisation of its debt restructuring, according to an agreement which also envisages:
- reducing the long-term debt, from about € 1.1 billion to around €550 million, against a conversion of credits into exit participation rights;


- the inflow of new funds through a capital increase of € 85 million, of which € 70 million underwritten by Chairman Norberto Ferretti and some of the Group management, the remaining € 15 million by Mediobanca Banca di Credito Finanziario S.p.A.;


- further medium-term credit facilities to fund working capital requirements totalling € 65 million


- extension to medium-term of existing short-term facilities for a further € 24 million granted by three major financial institutions, already Ferretti group partners.


The Groups equity is now held by Norberto Ferretti and the Groups management (38.2%), Mediobanca (8.8%) and senior and mezzanine lenders (for a total of 53% in exit participation rights).


In particular, as a result of the agreement, Norberto Ferretti, the Groups management and Mediobanca hold 100% of the Groups voting rights.


Norberto Ferretti, the Groups management and Mediobanca have finalized the acquisition of Ferretti S.p.A. and implemented the capital increase through newCo Ferretti Holding S.p.A., for which Mediobanca also acted as financial advisor.


Today, the Groups shareholders also appointed the new Board of Directors, which will remain in office for the 2009-2011 period, until the General Shareholders' Meeting convened to approve the financial statements for the year ending August 31, 2011.


The new Board of Directors is composed of the following members:


- Norberto Ferretti - Chairman


- Salvatore Basile - Chief Executive Officer


- Alessandro Foti - Vice Chairman


- Giancarlo Galeone - Director


- Lamberto Tacoli - Director


- Augusto Fantozzi - Director


- Mario Giuseppe - Rossetti Director


Salvatore Basile is the new Chief Executive Officer of Ferretti S.p.A. Chairman and Founder, Norberto Ferretti, the management and Mediobanca express their full satisfaction concerning the arrival of a highly experienced businessman and manager of Salvatore Basiles stature.


The appointment of the new Board of Directors of Ferretti S.p.A. and Salvatore Basile as Chief Executive Officer represents a further step forward with the implementation of the Industrial Plan started in recent months, which will allow the Group to consolidate its leadership in the boating sector and to continue with the process of growth that has characterized its 41 years of history.


"I am very satisfied Salvatore Basile is joining our Group", commented Norberto Ferretti, Chairman and Founder of the Ferretti Group. "By drawing on the strong experience he has accumulated over the years, Salvatore Basile will make a decisive contribution to the development of our projects. I would also like to extend my gratitude to the new Board of Directors, as well as the management and Mediobanca, for their commitment over the past few months", concluded Norberto Ferretti, "and for the important role they have played in our efforts to continue to serve as a prestigious example of innovation and excellence".


"I thank the Chairman and the Board of Directors for the trust they have placed in me", declared Salvatore Basile, Chief Executive Officer of the Ferretti Group. "I am highly satisfied with my new position and proud to be able to take on this new challenge with a Group of Ferrettis prestige and worldwide renown".


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Salvatore Basile, Chief Executive Officer of Ferretti S.p.A.


Salvatore Basile, born in Messina in 1952, graduated in Mechanical Engineering from the University of Padua in 1977, and obtained a masters degree in business administration from Fondazione C.U.O.A.


Mr Basile began his professional career with CM - Carlo Miazzo, a metalwork manufacturer, where he was in charge of information flows and management control. From 1979 to 1992, Salvatore Basile was with MPM - Meccanica Padana Monteverde S.p.A., a manufacturer of motorcycle gears and mechanical transmission components which, in 1984, became part of the German multinational group ZF, where he held a series of positions of increasing responsibility, culminating in that of Chief Executive Officer.


In 1992, Salvatore Basile joined SAECO S.p.A. as General Manager, with the goal of relaunching the company. Over the following two years he achieved stunning results in terms of sales and profitability. In 1994, he was appointed Chief Executive Officer of Demm S.p.A., a Bologna-based gear manufacturer, and went on to turn around and restructure the company successfully.


Between 1996 and 2000, Salvatore Basile worked at a company in the De Longhi Group, where he was first General Manager, then Chief Executive Officer. Lastly, from 2000 to 2009, Salvatore Basile was Chief Executive Officer of Baxi S.p.A., a manufacturer of domestic heating boilers and member of the multinational group of the same name, the number-three producer in Europe, based in England. In this time he grew within the Group at an international level, working first as head of the Baxi International division and then, in 2004, as CEO charged with all business outside the United Kingdom.


Ferretti Group.


Ferretti Group is one of the world leaders in the design, construction and sale of motoryachts, with a unique portfolio of nine of the most exclusive, prestigious brands in the nautical world: Ferretti Yachts, Pershing, Itama, Bertram, Riva, Apreamare, Mochi Craft, CRN and Custom Line. Ferretti Group, founded by Norberto Ferretti in 1968, is on the cutting-edge of the nautical world, thanks to constant product and process innovation, and continuous research within the sphere of technology. Yachts are designed by a team of about 90 designers and specialised technicians (Advanced Yacht Technology), and built in the Groups 25 production units. Over 3,000 employees of the Group, led by Chairman Norberto Ferretti and CEO Salvatore Basile, share a continuous quest for quality, technological excellence, top performance, an exclusive, innovative design, maximising comfort and taking painstaking care over detail. This common, daily commitment has taken Ferretti Group to the very heights of the nautical world. The Group is present in Asia, through a branch of representation and promotion in Shanghai, and on the American continent. An exclusive network of about 85 carefully selected dealers markets Group yachts in over 80 countries, and guarantees clients the very best assistance in marinas all over the world.