The Board of Directors of Ferretti S.p.A. announces that it has begun a process of renegotiating its debt
Monday, February 2, 2009
Forlì, 02 February 2009 – The Board of Directors of Ferretti S.p.A. announces that it has begun a process of renegotiating its debt with The Royal Bank of Scotland and has appointed Rothschild as its financial advisor, Chiomenti, Linklaters and CBA as legal advisors and KPMG as industrial advisor.
The purpose of the deal is to renegotiate the terms of the loan agreement entered into in January 2007, at a time when the market was especially dynamic and therefore substantially different from the current negative economic situation that has developed at the global level in recent months.
The Board of Directors has also examined the guidelines for the business plan, which has been revised in the light of the current international scenario.
The Chairman and Chief Executive Officer, Norberto Ferretti himself, together with the shareholders of Ferretti S.p.A., is strongly determined to undertake all the necessary actions to consolidate the Group’s leadership in the luxury motoryachts sector and to resolve short-term financial tension in order to continue with the process of growth that has characterized the Group's 40 years of history.
From a business standpoint, although the nautical market is passing through a period of contraction, the Ferretti group continues to operate with its usual dynamism, confirming the programs of its 9 brands, that still continue to represent a prestigious example of Made in Italy for their quality and innovation.
From a commercial standpoint, the Group continues to participate in all of the most important Italian and International Nautical Boat Show. Following the Boot Düsseldorf 2009, Ferretti group will take part at the Miami, Mumbai, Dubai and Shanghai Boat Shows, as well as various Italian shows throughout the spring.
The Company remains strongly committed to launching new products to meet the needs of its customers throughout the world. The projects for an impressive 14 new boats are currently being completed, which will be presented at forthcoming autumn boat shows, bringing the number of new models scheduled for release in the next three years up to 50.
Given the present macro-economic situation, also the Ferretti group is currently implementing a series of measures aimed at bringing its organizational structure in line with the current market scenario. In this context, the Group has decided that it will implement ordinary redundancy fund measures for some of its shipyards, as a precaution. These measures have been made necessary for a limited period of time due to the decline on the market of small yachts, while the production of mega and maxi yachts remains regular.