Ferretti plans cost-cutting measures to adjust to current climate

1:05 AM Wed 4 Feb 2009 GMT

'Alessandro & Norberto Ferretti' www.ferretti-yachts.com

One of the world's top super and megayacht builders, Ferretti in Italy has begun a process of renegotiating its debt with the Royal Bank of Scotland and has appointed Rothschild as its financial advisor, Chiomenti, Linklaters and CBA as legal advisors and KPMG as industrial advisor.

The company says it wants to renegotiate the terms of its loan agreement entered into in January 2007 "when the market was especially dynamic", observing things have changed since then.

Redundancy too is one of the measures Ferretti will take to cut costs. These measures have been made necessary, says the group, for a limited period of time due to the decline on the market of small yachts, while the production of mega and maxi yachts remains regular.

Ferretti says its will continue to operate in all of the most important Italian boat shows, plus the Miami, Mumbai, Dubai and Shanghai Boat Shows.

There are plans for 14 new boats which are currently underway, which will be presented at autumn boat shows, bringing the number of new models scheduled for release in the next three years up to 50.

More at www.ferrettigroup.com

by Jeni Bone

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