Links strives to keep Ferretti afloat with debt restructuring

Linklaters private ­equity partner Ian Bagshaw is working across the table from former colleagues at his old firm Clifford Chance on the restructuring of Italian boatbuilder Ferretti’s debt.


Links strives to keep Ferretti afloat with debt restructuringLinklaters ;private ­equity partner Ian Bagshaw is working across the table from former colleagues at his old firm Clifford Chance on the restructuring of Italian boatbuilder Ferretti’s debt.

The luxury yacht maker was sold by private equity house Permira to fellow ­private equity company Candover in 2006 at the height of the boom in highly leveraged buyout activity. At the time the acquisition was reported to have cost e1.7bn (£1.54bn).

Bagshaw, then a partner at Clifford Chance, advised Candover on the original deal alongside Clifford Chance ;partner Kem Ihenacho. ­Permira, which retains a small stake in Ferretti, was advised by Italian firm Giliberti Pappalettera Triscornia e Associati ­Studio Legale.

Ferretti is now facing financial difficulty and is looking to renegotiate the debt it has with Royal Bank of Scotland.

A statement from the company said: “The purpose of the deal is to renegotiate the terms of the loan ­agreement entered into in January 2007, at a time when the market was especially dynamic and therefore substantially ;different from the current negative ­economic situation that has developed at the global level in recent months.”

The company is being advised by Bagshaw, who is working alongside restructuring partner Yushan Ng and Milan banking partner Davide Mencacci, as well as Italian firm Chiomenti ­Studio Legale.

The banking consortium has turned to a Clifford Chance team made up of banking partners Alan Inglis and Richard Sharples and Italy managing partner Charles Adams.

KPMG private equity partner John Oldcorn is advising Ferretti on the debt restructuring alongside his Milan-based counterpart Paulo Mascaretti. They have not instructed external legal counsel. Similarly, Ferretti has appointed Rothschild as its financial adviser, but the investment bank has not instructed any law firm.

Ferretti is one of the first major private equity-backed companies ;to ;look ;to ­restructure its debt, although it is anticipated that a raft of similar deals will follow over the course of this year.

The ;firms ;involved declined to comment.

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