Luxury Yacht repos on the rise
The Luxury yacht market is suffering along with the housing market, and foreclosed yachts are piling up alongside the condos in Florida. The listing for a recent attractive property swallowed up by the crisis appeared to be a sea-front condominium: two bedroom/two bath, outdoor grill, water views, elegant and spacious. Satellite television and temperature-controlled wine cabinet included. But it was a 60-foot (18.3-meter) yacht, docked amid a crush of other luxury marine toys at a Fort Lauderdale boat yard.
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Ferretti SpA, the Italian yachtmaker may get a 90 million-euro ($114 million) cash injection from its managers and Mediobanca SpA as creditors take control. Mediobanca will gain a stake of about 10% in the maker of Riva and Bertram yachts in return for an investment of as much as E20 million, while managers led by founder Norberto Ferretti will invest about E70 million in fresh capital for about 40% of the company, two of the people said. A group of more than 100 creditors led by Royal Bank of Scotland Group Plc, which went broke itself last year, will convert some debt to equity, leaving them with about 50% of the Forli, Italy-based company. And if your maths is as good as mine – 10+40+50=100%, meaning the company is flat broke.
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