Italian Sea Group Buys Bankrupt Yacht Builder for $91 Million

The Italian Sea Group said on Wednesday it had bought bankrupt luxury yacht maker Perini Navi for 80 million euros ($91 million) in an auction held by a court in Lucca, Tuscany.

Italian yacht makers Ferretti Group and SanLorenzo had also offered to buy the luxury sailing brand Perini Navi, which was declared bankrupt in January.

The Italian Sea Group said in a statement that the deal, funded with most of the proceeds of its IPO and through bank financing, will double its order intake for refits and lead to new contracts for the construction of 90-130 metre motor yachts.

($1 = 0.8835 euros)

(Reporting by Maria Pia Quaglia; Editing by Alexander Smith)