Bavaria Yachtbau has completed financial restructuring
Industry

Bavaria Yachtbau has completed financial restructuring

A renowned German manufacturer of cruise and performance yachts for the wide market has received financial support from new owners.

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The new owners of Bavaria Yachtbau - the American companies Anchorage Advisors and Oaktree Capital Management - provided the German manufacturer with significant financial resources to revitalize the company. The improvement of Bavaria's balance sheet consisted of providing €55 million and writing off most of the company's debt, which amounted to €900 million.

As a result, the steps taken are expected to help the company speed up the launch of new models, expand and strengthen its distribution channels and improve service to existing and potential customers.

Bavaria Yachtbau also reports that the company's CEO Andreas Cardenas and Sales Director Mike Ruijer have left their positions. Andreas Cardenas will continue to perform his duties while the new owners are looking for a replacement.

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