Ferretti struggling to stay afloat
 

Yet another boat builder is on the ropes.

From today's Wall Street Journal:

=============================
Italian luxury-yacht group Ferretti is struggling to stay afloat. Its
world-renowned brands such as Pershing and Riva, that are favorites of
Brigitte Bardot and Roman Abramovich among others, have seen orders
plummet in recent months as the average €1.5 million ($1.98 million)
price tag has proved too steep or indeed too showy for those keen to
avoid conspicuous spending.

The company's demise -- it defaulted on its debt of more than €1
billion last week and is in crisis talks with bankers -- has been
sudden and sharp. Private equity firm Candover, which owns 60% of the
company, last valued the business at the end of June at around €1.8
billion, a 6% rise on its purchase price two years earlier.

But Ferretti's equity value has likely been entirely wiped out in the
past three months as expected orders from autumn boat shows didn't
materialize. Order cancellations are also up and stage payments for
yachts already in construction have been delayed.
=============================

Ferretti struggling to stay afloat
 

Wayne.B wrote:
Yet another boat builder is on the ropes.

From today's Wall Street Journal:

=============================
Italian luxury-yacht group Ferretti is struggling to stay afloat. Its
world-renowned brands such as Pershing and Riva, that are favorites of
Brigitte Bardot and Roman Abramovich among others, have seen orders
plummet in recent months as the average €1.5 million ($1.98 million)
price tag has proved too steep or indeed too showy for those keen to
avoid conspicuous spending.

The company's demise -- it defaulted on its debt of more than €1
billion last week and is in crisis talks with bankers -- has been
sudden and sharp. Private equity firm Candover, which owns 60% of the
company, last valued the business at the end of June at around €1.8
billion, a 6% rise on its purchase price two years earlier.

But Ferretti's equity value has likely been entirely wiped out in the
past three months as expected orders from autumn boat shows didn't
materialize. Order cancellations are also up and stage payments for
yachts already in construction have been delayed.
=============================


Gosh...they should have exhibited at the Hartford show...

Ferretti struggling to stay afloat
 

On Wed, 28 Jan 2009 07:19:43 -0500, Wayne.B
wrote:

Yet another boat builder is on the ropes.

From today's Wall Street Journal:

=============================
Italian luxury-yacht group Ferretti is struggling to stay afloat. Its
world-renowned brands such as Pershing and Riva, that are favorites of
Brigitte Bardot and Roman Abramovich among others, have seen orders
plummet in recent months as the average €1.5 million ($1.98 million)
price tag has proved too steep or indeed too showy for those keen to
avoid conspicuous spending.

The company's demise -- it defaulted on its debt of more than €1
billion last week and is in crisis talks with bankers -- has been
sudden and sharp. Private equity firm Candover, which owns 60% of the
company, last valued the business at the end of June at around €1.8
billion, a 6% rise on its purchase price two years earlier.

But Ferretti's equity value has likely been entirely wiped out in the
past three months as expected orders from autumn boat shows didn't
materialize. Order cancellations are also up and stage payments for
yachts already in construction have been delayed.
=============================

Damn, I was about to place an order with them. Crap.
--
John H

* God must love stupid people; He made so many. *

Ferretti struggling to stay afloat
 

On Wed, 28 Jan 2009 08:00:44 -0500, John H
wrote:

Damn, I was about to place an order with them. Crap.

I know how you feel. I always like the sleek, Euro-styled lines of
the boat bunnies in their advertisements. High maintenance I
understand.

Ferretti struggling to stay afloat
 

Wayne.B wrote:
On Wed, 28 Jan 2009 08:00:44 -0500, John H
wrote:

Damn, I was about to place an order with them. Crap.

I know how you feel. I always like the sleek, Euro-styled lines of
the boat bunnies in their advertisements. High maintenance I
understand.

What costs more the boat or the bunnies?

Ferretti struggling to stay afloat
 

On Wed, 28 Jan 2009 08:59:47 -0500, BAR wrote:

Wayne.B wrote:
On Wed, 28 Jan 2009 08:00:44 -0500, John H
wrote:

Damn, I was about to place an order with them. Crap.

I know how you feel. I always like the sleek, Euro-styled lines of
the boat bunnies in their advertisements. High maintenance I
understand.

What costs more the boat or the bunnies?

You know what they say: If you have to ask...

Ferretti struggling to stay afloat
 

On Wed, 28 Jan 2009 08:49:34 -0500, Wayne.B
wrote:

On Wed, 28 Jan 2009 08:00:44 -0500, John H
wrote:

Damn, I was about to place an order with them. Crap.

I know how you feel. I always like the sleek, Euro-styled lines of
the boat bunnies in their advertisements. High maintenance I
understand.

The bunnies, the boats, or both?
--
John H

* The original point and click interface was a Smith & Wesson. *

Ferretti struggling to stay afloat
 

On Wed, 28 Jan 2009 08:59:47 -0500, BAR wrote:

Wayne.B wrote:
On Wed, 28 Jan 2009 08:00:44 -0500, John H
wrote:

Damn, I was about to place an order with them. Crap.

I know how you feel. I always like the sleek, Euro-styled lines of
the boat bunnies in their advertisements. High maintenance I
understand.

What costs more the boat or the bunnies?

GMTA!
--
John H

* The original point and click interface was a Smith & Wesson. *

Ferretti struggling to stay afloat
 

On Wed, 28 Jan 2009 08:49:34 -0500, Wayne.B
wrote:

On Wed, 28 Jan 2009 08:00:44 -0500, John H
wrote:

Damn, I was about to place an order with them. Crap.

I know how you feel. I always like the sleek, Euro-styled lines of
the boat bunnies in their advertisements. High maintenance I
understand.

They updated Bertram when they bought it - gorgeous looking boats.

A few years back, there was a Ferretti 510 at the Norwalk Boat Show -
got to walk through it - simply unbelievable workmanship, gorgeous
interiors - beautiful boat.

I agree with you on the styling which is why I like my Ranger so much
- the curved, gentle sweep from bow to stern and the elegant moderate
Euro transom - it's a good looking boat and gets a lot of compliments.

Oh damn - now I'm thinking about keeping it again.

DAMN YOU EURO STYLING!!! DAMN YOU TO HELL!!! :)

Note: I have to figure out a way to sell Mrs. Wave on the idea and
that is going to be a problem. :)

--

"I have tried to know absolutely nothing about a great
many things, and I have succeeded fairly well."

Robert Benchley

Ferretti struggling to stay afloat
 

On Wed, 28 Jan 2009 07:19:43 -0500, Wayne.B
wrote:

Yet another boat builder is on the ropes.

From today's Wall Street Journal:

=============================
Italian luxury-yacht group Ferretti is struggling to stay afloat. Its
world-renowned brands such as Pershing and Riva, that are favorites of
Brigitte Bardot and Roman Abramovich among others, have seen orders
plummet in recent months as the average €1.5 million ($1.98 million)
price tag has proved too steep or indeed too showy for those keen to
avoid conspicuous spending.

The company's demise -- it defaulted on its debt of more than €1
billion last week and is in crisis talks with bankers -- has been
sudden and sharp. Private equity firm Candover, which owns 60% of the
company, last valued the business at the end of June at around €1.8
billion, a 6% rise on its purchase price two years earlier.

But Ferretti's equity value has likely been entirely wiped out in the
past three months as expected orders from autumn boat shows didn't
materialize. Order cancellations are also up and stage payments for
yachts already in construction have been delayed.
=============================

You have to wonder though - that's a lot of money to be in hock for
espiecally in the boat business.

This may be more of a management problem than an economy problem.

--

"Do what you can, with what you
have, where you are."

Theodore Roosevelt.