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#1
12-24-2011, 09:47 AM
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| The Industry!! Interesting times for the boat industry! As seen on Luxurysociety.com and many other yacht news sites, Ferretti is going through interesting times. "Speculation: Ferretti Group, Shandong Heavy Industry Group Lenders to luxury yachtmaker Ferretti SpA, have allegedly agreed to sell the company to Shandong Heavy Industry Group Co., for €220 million, after writing down approximately €465 million worth of debt. The maker of Riva yachts ceded control to lenders in 2009 when it missed a loan payment on debt used to finance its leveraged buyout. The yachtmaker will get a new 116 million-euro loan from Industrial & Commercial Bank of China and an 80 million-euro credit line as part of the deal with Shandong Heavy Industry, said the people. Ferretti will also get 100 million euros of new equity from the Chinese company, including 25 million euros underwritten by RBSand Strategic Value Partners."  |
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#2
12-24-2011, 10:30 AM
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| The Chinese have rolled their shopping trolley to the indebted industrial world and are loading up on discounted gems. Sorta like an American rolling up to Walmart in the pickup truck and loading up on stuff. Lets hope the Chinese don't also pile to many toys into their trolley and collapse. |
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#4
12-24-2011, 11:42 AM
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| The Chinese played their hand brilliantly. You have to give them that. Wow.
__________________ "You can't solve all of life's problems with epoxy" - My Wife |
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#5
12-26-2011, 12:11 PM
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| Yes, they played their hand beautifully! Went directly to Royal Bank of Scotland to get what they wanted after they offered Ferretti a loan months ago to keep them afloat. Response was that they would never build their boats in China... Don't bite the hand that feeds you. |
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#6
01-25-2012, 03:16 AM
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| January 10, 2012 "The Weichai Holding Group Co., Ltd., a subsidiary of Shandong Heavy Industry Co., Ltd., will pay 374 million euros (292.7 million U.S. dollars) for a 75-percent stake in the Ferretti Group" "China imported three times more yachts in 2010 than it did in 2009" http://www.china.org.cn/business/201...t_24369571.htm |
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