Chinese Manufacturer Nets 75% Yacht Co. Stake For $478M

Law360, New York (January 10, 2012, 2:48 PM EST) -- Chinese equipment manufacturer Shandong Heavy Industry Group – Weichai Group has agreed to invest €374 million ($478 million) in yacht retailer Ferretti Group as part of its debt restructuring, taking a 75 percent stake in the company and leaving a fraction to its private equity creditors, the parties announced Tuesday.

The investment includes debt financing of €196 million and a €178 million equity injection giving state-owned SHIG a 75 percent stake in Ferretti, a giant step in the commercial vehicle and construction machinery company's strategy toward...
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