China’s Shangong Heavy Industries has bought the Ferretti Group, taking over 75% of the Italian shipmaker’s capital.
Sleekly tailored with gleaming chrome accessories and luxurious saloons, the Ferretti Group designs some of the most exclusive yachts in the nautical world.
Ferretti has 8 yacht brands (Ferretti Yachts, Pershing, Itama, Bertram, Riva, Mochi Craft, CRN and Ferretti Custom Line) and owns a total of 8 shipyards.
Ferretti was forced to cede control to lenders in 2009 when it missed a loan payment on a debt and the crisis shrank its customer base.
In the 2009 debt-restructuring, a group of creditors led by RBS agreed to convert some of their debt to equity to avert a Ferretti bankruptcy.
Demand for luxury yachts in China is growing, and with a million millionaires in the country, the nation’s new rich are looking for new ways to flaunt their assets.
Shandong Heavy, which makes heavy-duty industrial products, will seek a separate listing for Ferretti in Hong Kong in three to five years, Chairman Tan Xuguang said.
Source: www.luxuo.com
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