The Times is carrying an interesting article about the impact on Goldman Sachs of their backing a buyout of Bavaria Yachts last year. The 1.4 billion Euro deal, led by Bain Capital, took place last June and is apparently one of the deals in their portfolio that Goldman (who have been less exposed to the recent credit crunch than many other banks) are most concerned about. The upshot of this is that they’ve just sold 100 million Euros of the debt at just 65 cents in the Euro, a sign potentially not just of the general impact of the credit crunch, but more particularly of its likely impact on the financial health of yacht manufacturers and the like… Read the article here
