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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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Brioni Looking to Sell 20-25% Stake (12/1)
(Source: Bloomberg)
Italian clothier Brioni has hired banker BNP Paribas SA to explore the possibility of selling 20-25% of the company to pay down debt and fund acquisitions. "The idea is to develop a growth plan," Brioni co-CEO Andrea Perrone told Bloomberg. "We would like to do acquisitions, to develop synergies with other important brands." . . . keep reading
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Saks Board Moves to Block Takeover by Mexico's Slim (12/1)
(Source: LuxuryBrandNetwork.com)
The board of Saks Fifth Avenue has approved a measure that penalizes anyone who accumulates more than 20% of its stock without its prior approval. The so-called "Poison Pill" was adopted to prevent Mexican billionaire Carlos Slim Helu from attaining control of the company. . . . keep reading
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More Intrigue and Drama at Orient-Express
After the votes were tallied on a shareholder proposal to eliminate the "super-voting" rights of Orient Express' board of directors, the company claimed total victory: with the proposal rejected by the majority, they declared the matter was finally closed and a "waste" of corporate resources. . . . keep reading
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Lanvin Silent on Qatar Buyout Rumors
Lanvin President Paul Deneve will not comment on reports that the Qatari ruling family is in talks to purchase a stake in the company, while knowledgable sources saying that negotiations were indeed taking place that valued the company at around €150 million. . . . keep reading
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Cavalli Calls Off Sale As Bids Fall Short
(Source: Telegraph.co.uk)
After several months of negotiations, designer Roberto Cavalli instructed his investment bankers at Merrill Lynch to call off talks to sell his business after potential bidders failed to reach his asking price. . . . keep reading
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