Germany's Bavaria Yachtbau has completed its financial restructuring after new owners Anchorage Advisors and Oaktree Capital Management injected a substantial amount of capital into the company.
The strengthening of Bavaria's balance sheet involved an injection of €55m in cash and the write-down of over 90 per cent of the company's €900m-plus debt. As a result, Bavaria will be able to accelerate new product launches, expand and strengthen its distribution channels and continue to support existing customers and distributors.
Bavaria has also revealed that Andres Cárdenas will be stepping down as CEO, returning to his role as an advisory board member. Head of Sales Mike Reuer has also resigned from the company. Cárdenas will continue to support the business in an interim role while a search for his replacement is undertaken.
"I am excited by the progress we have made — the financial restructuring is complete, the product line reinvigorated, and we are seeing improved operating results," says Cárdenas, who had been commuting from Spain on a weekly basis to carry out his CEO duties. "Having completed what I set out to accomplish, I look forward to spending more time with my family and continuing to serve the company as an advisory board member."
Bavaria builds sail and motoryachts from 8m-17m (27ft-55ft) at its shipyard in Giebelstadt, Germany. To date the company has built over 30,000 yachts, exporting 85 per cent of its production.
(22 March 2010)
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