Ferreti Group in trouble!

[lobsta1]

Title says it all.
Al

http://www.ybw.com/ibinews/newsdesk/200 ... inews.html

[CaptPatrick]

Certainly can't say as it comes as any suprise... Even for reasons beyond the global economical meltdown.

[Bruce]

One of my major engine dist just had another round of layoffs getting rid of people who had been there for a while.

I'm having trouble getting parts from many different sources.

No more warrantee work for me at this point as I'm not sure about getting paid in the future. Bad times for sure.


What's a four letter word in Italian for goodbye?


























Bang!

[RussP]

I just heard they purchased the Allied Richard Bertram Group.

If anyone has seen or worked on a Ferritti you know why orders are being canceled. CRN's look like they were hammered into shape by boiler makers under the water line and the engine room layouts are about as bad as they come.

RussP

[Kevin]

I ordered oil and fuel filters over a month ago. Called to find out what the deal was and was told we are having a tough time getting filters. Will call you tomorrow. Still have not heard from them. The oil filter looks to be the same size as my PH8A Fram on my 302. I wonder.

[dougl33]

Ciao!

[In Memory Walter K]

I hope to God an American company buys Bertram from Feretti. Hunt should buy it.

[CaptPatrick]

Too big and convoluted, with too many existing problems for Hunt's interest. Especially now... If it were to get bought, it'll be some giant bean counting conglomerate in it for the bottom line.

The hey day of Bertram is in the crapper. Norberto was the best thing that happened to Bertram after Whitaker sold out to the first group of Italians. But, even Norberto's bean counters drug the company into the sub-quality pit.

Also, the main problem is with Ferretti Italy, but the trickle down will make it's way to Bertram Yachts USA.

[bob lico]

mercruiser shut down since december

[Mack]

I hate to put on my corporate finance hat in this forum, but here is the problem with the company's ownership-

"Private equity house Candover acquired Ferretti in 2006 for €1.7bn."

1) 2006 transaction - likely overpaid for the company in a "hot" M&A market

2) In all likelihood, PE firm leveraged Ferretti through the eyeteeth and now does not have any refinance options due to the credit crunch.

Most leveraged deals done in 06 & 07 are getting crushed right now - the entire global economy needs to deleverage before it recovers!!

Thanks for letting me get that off my chest, now back to more important B31 discussions!!