Bavaria Yachts files for bankruptcy

Bavaria Yachts, one of the world’s largest production boatbuilders, is in financial trouble after US investors decided to withdraw support for the company. According to German magazine Yacht, US investors Oaktree Capital Management and Anchorage Advisors pulled a day after the sacking of Bavaria’s CEO, Lutz Henkel. The investors are said to be giving the German builder a a ‘soft landing’, guaranteeing three months of operation until the yard closes for its annual summer holidays. Full report.