• Most Popular
  • Most Shared

STOCKS NEWS EUROPE-Italy's Aicon higher on bank deal

Tue Sep 29, 2009 6:24am EDT

Stocks

   

Shares in Italian luxury motor yacht maker Aicon (BW1.MI) are marked up 20 percent after the company's main creditor banks clears the company's 2009-2012 restructuring plan.

The banks will reschedule debt owed by the luxury boatmaker as well as provide new finance, subject to the company meeting conditions set in the plan decided in the summer.

"It is up because the company has announced an agreement on restructuring with the banks. It is good news," an analyst who covers the luxury sector says.

Purchases of luxury yachts are different to clothes and jewels where Christmas sales will be a key factor. The early October Genoa boatshow is a factor for Aicon, the analyst says.

For more double click on [ID:nMAT011687]

Reuters Messaging rm://nigel.tutt.reuters.com@reuters.net


More from Reuters

Photo

World leaders try to rescue climate deal

COPENHAGEN (Reuters) - President Barack Obama met other world leaders in a last push for a new global climate deal on Friday, after negotiators failed to reach a deal on carbon cuts in all-night talks. | Video

» More Top News
A trader watches screens as he works on the floor of the New York Stock Exchange, September 29, 2008. REUTERS/Brendan McDermid
Analysis:

Next year, it'll be different

Remember the "pre-Lehman panic" days? Stock market volatility looks set to recede in the coming year -- just don't count on a full-blown recovery.  Full Article 

U.S. Markets
Pedestrians are reflected in a Citigroup window in Boston, Massachusetts. REUTERS/Brian Snyder

Citi's next challenge

Citigroup's plan to extract itself from the government's clutches didn't go as planned. For the bank to succeed, one of two things need to happen.  Full Article 

ECONOMY