A month after Bavaria Yachts went into insolvency much has been happening but not much has been reported to reassure potential owners, current owners or even yacht agencies selling the German craft. The interim managers looking after the company has issued an update:
Around four weeks after the start of the insolvency application process, the situation at Bavaria Yachts has been consolidated. Production has been stabilised and continuous deliveries have resumed: more than 30 yachts have left the shipyard in the last two weeks and have been handed over to customers.
All 600 employees are engaged, agreements have been reached with all the key suppliers about further deliveries with short payment targets.
Managers and administrators have started an investor process in order to reset Bavaria Yachts for the future. The objective is to be able to present an investor in July 2018. “We are continuing business and we intend to go into the coming order season with a new investor. We have already received initial expressions of interest and we are also actively talking to potential investors,” explains Dr. Tobias Brinkmann of Brinkmann & Partners, who has been called to the Board of Bavaria Yachts (Bavaria Yachtbau GmbH) as a restructuring expert in the context of the self-administration process.
Bavaria Yachts has given M&A consultants One Square Advisors a mandate to support the investor process.
Giebelstadt, 22 May 2018