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.
=============================

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...

HK wrote:
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...

This is a classic WAFA "I can't afford one" post!

On Jan 28, 7:31*am, HK wrote:
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...- Hide quoted text -

- Show quoted text -

Herring was Tea-Bagged by the co-ordinator of floor plans, and they
brought his boat in, instead.....

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. *

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.

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?

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...

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. *

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. *