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Forlì, October 27, 2011 – The Board of Directors of Ferretti S.p.A.,
Posted by: NavyNet on Friday, October 28, 2011 - 07:49 CET
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FERRETTI GROUPForlì, October 27, 2011 – The Board of Directors of Ferretti S.p.A., with the aim to maximize the value of the Group, also in light of an order portfolio that to date comprises approximately 465 million euros, an increase of around 44% compared to the 322 million euros on the same date in 2010, and also in consideration of the current financial market conditions, deliberated to start a consensual process to restructure its capital structure through a significant reduction in debt position and by raising new money.
To this end, the Ferretti Group has already started talking to its main lenders, who have expressed their willingness to assess the possibility of such restructuring process. With regard to the offer by Shandong Heavy Industry Group (“SHIG”), the Board of Directors of the Ferretti Group, while confirming the industrial validity of a possible deal with the Chinese Company, deems that to date it still contains a number of elements of uncertainty, which therefore require further evaluation. The Ferretti Group therefore confirms its intention to continue to pursue discussions with counterparties with the aim to evaluate all opportunities. In terms of its business, despite the phase of contraction that the entire nautical sector is currently witnessing, the Ferretti Group continues to operate with the usual dynamism, taking part with its prestigious brands to all the main international nautical trade shows. After the Autumn shows in Cannes, Monaco and Genoa, the group today is present at the 52nd Boat Show in Ft. Lauderdale, with an impressive fleet of 15 models, of which 5 are exclusive debuts for the American market. In a bid to best satisfy the demands from the American markets, the Ferretti Group has presented in Ft. Lauderdale: the highly anticipated Ferretti Custom Line 100’ of the Ferretti Custom Line brand, the new Pershing 92’ of the Pershing brand, the Riva 86’ Domino of the Riva brand, the Ferretti 720 of the Ferretti Yachts brand and the Bertram 64’ of the Bertram brand.The Ferretti Group therefore confirms, also in this way, its objective of anticipating the trends of the nautical market in terms of quality and product innovation bringing forth the plans for its 8 brands that represent a prestigious example of the Made in Italy style around the world. The Ferretti Group The Ferretti Group is one of the world leaders in the design, construction and sale of motor yachts, with a unique portfolio of some of the most exclusive, prestigious brands in the nautical world: Ferretti Yachts, Pershing, Itama, Bertram, Riva, Mochi Craft, CRN and Ferretti Custom Line. The Group, led by Chairman and Founder Norberto Ferretti and by CEO Giancarlo Galeone, has always been at the very heights of the pleasure boating market due to constant product and process innovation, continuous research and development and cutting-edge technological solutions. The extensive range of yachts on offer is designed by highly specialized technicians and engineers at AYT – the Ferretti Group’s Advanced Yacht Technology, one of the most advanced naval research and design centres in the world, which liaises with the Centro Stile Ferrettigroup, an expert team of architects and designers who continuously research aesthetic, functional and innovative solutions, and are built at the Group’s modern production units in Italy and the USA. The Ferretti Group, established in 1969, is also present in the Unites States through Ferretti Group America, which manages a network of Ferretti Group points of sale specialising in the sale and marketing of the Group brands on the entire North American market. The group is also present in Asia, through a representative office in Shanghai. An exclusive network of around 60 carefully selected dealers guarantees the Group’s presence in over 80 countries, thereby ensuring valued clients receive the very best assistance in marinas all over the world.
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