Agreement on Bavaria Yachtbau Restructuring

Monday, October 05, 2009

Bavaria Yachtbau GmbH announced that Anchorage Advisors, L.L.C. and Oaktree Capital Management ), who collectively control approximately 95 percent of Bavaria's $1,403m debt facilities, have signed a binding agreement to restructure the company's balance sheet. The restructuring will create an industry leading balance sheet through a capital injection of $80.4m in cash and the write-down of over 90 percent of the senior and junior debt tranches. Anchorage and Oaktree have been working collaboratively with Bain Capital.

Both Anchorage and Oaktree have been lenders to Bavaria for over a year, and support the strategic plan developed by the management team and Bain. Upon completion of the transaction, Bavaria's new financial strength will enable the company to accelerate new product launches, expand and strengthen its channels of distribution, while continuing to support its existing customers and distributors.
 
Under the ownership of Bain, Bavaria has developed a multitude of new sailing and motor yachts in close cooperation with Farr Yacht Design and BMW Group Designworks USA. Bavaria’s new Cruiser 32 has recently been nominated Yacht of the Year 2009/10.

Investment bank Lazard and lawfirm Latham & Watkins LLP advised Bavaria in this transaction.

Maritime Reporter October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Findland Fairway Due Law

Based on the Finland Ministry of Transport and Communication’s maritime strategy, the Finnish parliament has announced a final and lawful decision on the new

New Company Takes Over OW Tanker

OW Tanker, a unit of bankrupt OW Bunker and owner of its marine fuel supply ships, has been taken over by a newly-created company, the fleet manager told Reuters on Wednesday.

WRRDA: Clearing the Channel for P3 Projects

A Creative Combination for Financing Inland Waterways Infrastructure Earlier this year, the U.S. maritime industry in general, and the inland waterways industry in particular,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Pod Propulsion Port Authority Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1250 sec (8 req/sec)