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Ferretti Restructuring Approved
After three months of negotiations, each of about 100 creditors agreed to swap much of their debt for equity in Italian yacht builder Ferretti. The deal required unanimous agreement from all debtors after Ferretti defaulted on debt payments in January. . . . keep reading
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Barneys Owner Injects Cash After Credit Cut
A day after Standard & Poors cut Barneys' credit rating to a distressed level, owner Istithmar World Capital injected capital. Without the capital, Barneys would likely not have been able to pay for its 2009 inventory. Istithmar is owned by the government of Dubai and employs 2,200 people. . . . keep reading
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Harry Winston, Daimler Receive Investments
Jeweler Harry Winston will receive a $150 million investment from Toronto-based Kinross Gold Corp. The deal gives Kinross 19.9% of Harry Winston stock, a seat on the company's board of directors and a 9% stake in the Diavik Diamond Mine. Harry Winston also announced it would suspend its dividend in an effort to conserve cash. . . . keep reading
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Valentino "Solid" Despite Massive Debt
(Source: Bloomberg)
To preserve cash and help pay down debt, Valentino Fashion CEO Stefano Sassi says his company will open about five stores in 2009 compared to ten last year. Three of the new locations will be in China and two in Europe. . . . keep reading
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Barneys May be Sold by Dubai-Based Owner
Insiders say that investment losses may prompt Barneys New York's owner, Istithmar World PJSC, to sell the business less than two years after buying it. Dubai-based Istithmar paid $942.3 million for the company, hoping to expand the brand globally. That plan foundered when new stores received cool receptions, long-time Barneys CEO Howard Socol resigned amidst disagreements with Istithmar and, of course, a weak economy. . . . keep reading
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