cash money, homey

The Biz
A new owner for Bavaria Yachtbau looks to be in sight, with reports that a bidder’s binding offer is on the shipyard’s desk with specifics of the sale already having been negotiated. According to reports in the daily regional newspaper Mainpost last Friday, the offer allows for the continuation and expansion of what was once Germany’s largest series production shipyard.
Bavaria’s cooperation partner is said to be an Italian manufacturer of luxury yachts that wants to expand its product portfolio into a cheaper price segment. A spokesman for the new investor told the paper that the investor wants to remain anonymous until the contract is finally signed. The purchase price is said to be paid in cash.
The terms of the sale, according to the source, were negotiated on Thursday 30 August. According to the paper, the completion of the sale “only require the final legal examination and the approval of the creditors committee.” The contracts are due to be signed this week. The management of Bavaria Yachtbau has neither confirmed nor denied the statement.
It is highly unusual for a potential new owner of a shipyard to present plans to the public before a contract is signed. This is also the opinion of Bavaria’s interim managing director, Tobias Brinkmann, who was appointed in April to sell the shipyard. “However, this shows at least a serious interest in the continuation of the shipyard,” Brinkmann told the Mainpost.
Bavaria told Germany’s float magazine that further information could not be provided at this time. “It remains the case that the sale of Bavaria Yachtbau will take place in September.” It is not known which potential investor is behind the newspaper interview. Title inspiration thanks to Randy Moss.
Read on thanks to IBI News