The management of Ferretti Brazil have applied for bankruptcy protection, after revealing more than £11m of debt
Ferretti Group Brazil is heading towards bankruptcy, according to a report in local publication UOL.
The company, which represents the Italian manufacturer Ferretti Group in Brazil, has filed for bankruptcy protection.
Ferretti Brazil currently has R$48m (£11m) of debt and is compiling a plan to repay this, with customers asked to become partners in the construction of new vessels.
Marcio Christiansen, executive director of Ferretti, told UOL: “Bankruptcy protection for the company was a tough decision, but [also a] brave [decision] in order to save the company and to have the time to organise ourselves.”
In 2012, Ferretti Brazil employed 670 people and although 67% of the workforce has been laid off since then, the company still managed to deliver 14 boats in 2014.
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Ferretti Brazil was set up in 2010 and at the time Lamberto Tacoli, chief sales & marketing officer at Ferretti Group, said: “We are finding there is huge potential for development in Brazil and are confident that this venture will also result in further growth for our brands over the next few years.”