Ferretti S.p.A. announces that itis in advanced negotiations for the restructuring of the group's indebtedness
Thursday, February 26, 2009
Forlì, 26 February 2009 - Ferretti S.p.A. announces that itis in advanced negotiations for the restructuring of the group's indebtedness. Once the proposal is agreed, it will be circulated to all the lenderswith a view to being approved as soon as possible.
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 the Chairman and Chief Executive Officer Norberto Ferretti - and a primary financial investor, as well as the provision of new credit lines in favour of the Group. Overall, the Group's debt burden would be reduced.
On the terms proposed, 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.
The Chairman and Chief Executive Officer Norberto Ferretti and the key managers expressed their full satisfaction with the negotiations to date and confirmed their commitment to work towards finalising the proposal and then its successful and prompt implementation.