RBS accepts distressed yacht maker's debt restructuring proposal

Ferretti announced yesterday that its debt restructuring proposal has been accepted by Royal Bank of Scotland for senior loan and mezzanine lenders.

The proposal seeks to reduce long-term debt from €1.1 billion to approximately €550 million. A capital increase of €85 million is planned, of which €70 million is underwritten by company management, while the remaining €15 million will be underwritten by Mediobanca.

Additionally, RBS will be extending medium-term credit facilities of €65 million, and a further €24 million worth of medium-term, existing short-term facilities will be extended from three other financial institutions.