Ferretti obtains debt restructuring deals

Italian yacht maker Ferretti has had its debt restructuring deal approved, the Financial Times and Bloomberg have reported citing sources familiar with the situation.

Owned by UK private equity group Candover - who has since written off its entire investment - Ferretti's restructuring deal consists of founder and chief executive Norberto Ferretti investing fresh money into the company.

This results in Ferretti holding a 45% stake alongside Mediobanca, which is investing €15 million. Additionally, senior lenders, led by RBS, have agreed to write off 28% off their debts in exchange for a 32% stake. Second lien and mezzanine lenders will write off all their debts, and will ultimately hold 144% and 6% stakes, respectively.