Ferretti back in the water

3:37 AM Fri 24 Apr 2009 GMT

'Norberto Ferretti' www.ferretti-yachts.com

Ferretti S.p.A have announced that their debt restructuring proposals have been accepted by The Royal Bank of Scotland for the senior loan and the financing pool of mezzanine lenders.

The agreement is the first step in the implementation of the Plan aimed at strengthening the Ferretti group's financial situation.

The Plan also envisages:

Candover and Permira will no longer be included in the Group's shareholder structure. The Group's equity will be held by Norberto Ferretti and the Group's management (38.5% ), Mediobanca (8.5% ) and senior and mezzanine lenders (for a total of 53% in exit participation rights). As a result of the agreement, Norberto Ferretti, the Group's management and Mediobanca will hold 100% of the Group's voting rights.

Once this agreement is implemented, the Ferretti group will have the capital strength and financial flexibility needed to face the challenges on the nautical market over the next few years, and continue to assert its position as a market leader. This acknowledgment is mainly linked to the soundness Ferretti has shown over the past few years, which continues to be the basis on which the Group aims to reaffirm its responsibility.

Ferretti S.p.A.is the head company of a group which is one of the world leaders in the design, construction and sale of luxury motoryachts, with a unique portfolio of nine of the most exclusive and 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. Luxury yachts are designed by a team of about 90 designers and specialised technicians (Advanced Yacht Technology),and built in the Group's 25 production units. Over3,000 employees of the Group, led by Chairman Norberto Ferretti, share a continuous quest for quality, technological excellence, top performance, an exclusive, innovative design, maximizing 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.

For further information:
Ferretti S.p.A .
Fulvia Venturi
Tel:+39 0543 787511

by Ferretti Group S.p.A.

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Ferretti back in the water

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