Agreement on Bavaria Yachtbau Restructuring

October 5, 2009

Bavaria Yachtbau GmbH announced that Anchorage Advisors, L.L.C. and Oaktree Capital Management ), who collectively control approximately 95 percent of Bavaria's $1,403m debt facilities, have signed a binding agreement to restructure the company's balance sheet. The restructuring will create an industry leading balance sheet through a capital injection of $80.4m in cash and the write-down of over 90 percent of the senior and junior debt tranches. Anchorage and Oaktree have been working collaboratively with Bain Capital.

Both Anchorage and Oaktree have been lenders to Bavaria for over a year, and support the strategic plan developed by the management team and Bain. Upon completion of the transaction, Bavaria's new financial strength will enable the company to accelerate new product launches, expand and strengthen its channels of distribution, while continuing to support its existing customers and distributors.
 
Under the ownership of Bain, Bavaria has developed a multitude of new sailing and motor yachts in close cooperation with Farr Yacht Design and BMW Group Designworks USA. Bavaria’s new Cruiser 32 has recently been nominated Yacht of the Year 2009/10.

Investment bank Lazard and lawfirm Latham & Watkins LLP advised Bavaria in this transaction.

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