Bavaria is safe. Alarms and “malicious rumors” that the German shipyard was on the verge of bankruptcy, following insolvency proceedings last April, proved unfounded.
THE SOLUTION COMES FROM BERLIN
A private fund advised by Berlin-based investment firm CMP Capital Management-Partners will acquire the entire business of Bavaria Yachtbau, which will continue to operate. The creditors’ committee gave its approval, as did the administrator of Bavaria Yachtbau GmbH, Hubert Ampferl. The fund will also acquire all the shares of the subsidiary Bavaria Catamarans S.A.S (which owns the Nautitech brand), in France. Also saved are all 550 employees of Bavaria Yachtbau in Giebelstadt and all 250 employees of Bavaria Catamarans in Rochefort who will be in the employ of the new buyer.
The uncertainty and inability to gather orders in recent months for a “big” like Bavaria has meant that many yards have seen their orders grow. But now, as delivery times for the latter have necessarily lengthened, it should benefit Bavaria itself, which thus reopens order intake. Kai Brandes, managing director of CMP Capital Management-Partners, said, “We are convinced of Bavaria’s global market potential and will develop the company sustainably. Restructuring measures will focus on recovering market share and improving production costs.”