Baglietto appoints liquidator

Wed Mar 31 2010, 01:03 AM

Parties rumoured to be interested in acquiring Italian superyacht builder Gruppo Baglietto include another Italian yard

Italian superyacht builder Gruppo Baglietto has gone into voluntary liquidation, following a meeting with shareholders on March 26.

Board member Federico Galanti has been named liquidator and sole director of Cantieri Navali Baglietto at Varezze and La Spezia and of Cantieri di Pisa.

Gruppo Baglietto's controller, the Camuzzi Group, has confirmed its intention to remain in the marine sector, but says that without an agreement with lenders the yacht builder risks failure, according to reports in the Italian press.

Parties rumoured to be interested in acquiring Baglietto include investment fund Atlantis and Ameglia-based superyacht builder Sanlorenzo.

Losses resulting from the crisis are said to have left Baglietto in the red by €74m.

A period of temporary layoffs is foreseeable for some of Baglietto's 73 employees, according to Italian regional press.

In recent months Gruppo Baglietto had presented a four-year restructuring plan developed with Bain & Co, but no agreement could be reached with the group's lenders.

At the beginning of March this year, Cantieri Navali Baglietto launched the 42m (138ft) superyacht Lucky Me.

In February 2009 a 53m (174ft) yacht near completion was destroyed in a fire at Baglietto's La Spezia yard.

Created in 2004 with the acquisition of Cantieri Navali Baglietto, Gruppo Baglietto concentrates on the production of yachts of 27m (89ft) and above.