Aicon announces group restoration plan
By IBI Magazine
Italian luxury yacht-builder Aicon has signed an agreement with its lender banks for the implementation of the Aicon Group Restoration Plan 2009-2012.
The undersigned agreement with the banks provides the following:
• The consolidation and reformulation of short and medium/long-term debt, with a 16 months preamortization and refund of the capital in five years following the pre-amortization period;
• The granting of new financing for a total amount of €10.1m, €4.5m of which are in cash and €5.6m are signature loan in support to the commercial activity of the Group;
• The maintenance of the existing revolving lines;
• The granting of new financing for a total amount of €6m by the majority shareholder, already entirely paid in;
• The commitment from the majority shareholder to cover the losses of the current financial year and the possible losses in the next financial years for the entire duration of the Plan, by waiving, year by year, its credit towards Aicon SpA in safeguard of the net assets, up to the total amount of its credit.
"A fundamental objective has been achieved in order to accelerate and support the relaunch of our Group," says president and CEO Lino Siclari. "The implementation of the Financial Plan will ensure the Aicon Group the necessary capital stability and financial flexibility, in order to successfully carry on the 2009-2012 Industrial Plan."
Active in the marine sector since 1999, Aicon designs and builds the Aicon range of flybridge and open yachts, as well as dinghy, lobster and fast commuters under the Morgan brand name. The group has two production sites in Sicily, southern Italy, and registered €68.6m in turnover during the financial year ended August 31, 2008.
The company also operates in the US through Aicon Yachts Americas.
(5 November 2009)
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