Lenders Agree on BAVARIA Yachtbau GmbH Restructuring

GIEBELSTADT, Germany - BAVARIA Yachtbau GmbH (”BAVARIA”) today announced that Anchorage Advisors, L.L.C. (”Anchorage”) and Oaktree Capital Management (”Oaktree”), who collectively control approximately 95 percent of BAVARIA’s EUR960 million debt facilities, have signed a binding agreement to restructure the company’s balance sheet. The restructuring will create an industry leading balance sheet through a capital injection of EUR55 million in cash and the write-down of over 90 percent of the senior and junior debt tranches. Anchorage and Oaktree have been working collaboratively with Bain Capital (”Bain”), and look forward to Bain’s continued involvement upon consummation of the agreement, which is subject to regulatory and anti-trust clearance.

Both Anchorage and Oaktree have been lenders to BAVARIA for over a year, and support the strategic plan developed by the management team and Bain. Upon completion of the transaction, BAVARIA’s new financial strength will enable the company to accelerate new product launches, expand and strengthen its channels of distribution, while continuing to support its existing customers and distributors.

Under the ownership of Bain, BAVARIA has developed a multitude of new sailing and motor yachts in close cooperation with world-renowned Farr Yacht Design and BMW Group Designworks USA. Superior design and functionality at an outstanding cost-performance ratio are the hallmark of BAVARIA’s products. Its new Cruiser 32 has recently been nominated Yacht of the Year 2009/10.

Andrés Cárdenas, CEO of BAVARIA: “This announcement is a welcome development for BAVARIA. We are excited by the new products being launched this boat show season and our new financial strength provides stability for our customers and business partners. Over the past year, our management team has developed a close relationship with Anchorage and Oaktree and I believe that our partnership will now enable us to invest for long-term growth.”

Tony Davis, President of Anchorage Advisors, L.L.C.: “BAVARIA is a brand with an outstanding international reputation. Its operational performance is unrivalled in the industry and we look forward to working with management and Oaktree to drive the business to greater success.”

Oren Peleg, Managing Director of Oaktree Capital Management: “We are delighted to announce this restructuring at the onset of the boat show season. Both Oaktree and Anchorage recognize BAVARIA’s potential and are excited and prepared to support its growth. BAVARIA’s products are world-class and offer a unique value-quality proposition. The strengthened capital structure will enable us to continue to develop the core European business while also targeting new markets with an exciting new product range.”

Investment bank Lazard and lawfirm Latham & Watkins LLP advised BAVARIA in this transaction.

About BAVARIA Yachtbau GmbH

BAVARIA sailing and motor yachts are known for their outstanding price-performance proposition, which is proven by the prestigious awards BAVARIA has received. BAVARIA is one of the largest and most efficient yacht builders worldwide due to its modern series production facility.

BAVARIA continuously introduces new sailing and motor yachts, ranging in size from the Sport 27 motorboat to the Cruiser 55 sailing yacht. The yachts are produced on-demand, enabling every customer to configure an individual ship. A worldwide network of best-in-class sales partners guarantees professional delivery and high-quality service for BAVARIA owners.

BAVARIA’s shipyard in Giebelstadt employs approximately 550 people and manufactures yachts between 27 and 55 feet in length. To date, BAVARIA has built more than 30,000 yachts and has exported over 85% of its production. The current production is split 60% sailing yachts and 40% motorboats.

www.bavaria-yachtbau.com

About Anchorage Advisors, L.L.C.

Anchorage Advisors, L.L.C. is a private investment firm focused on the credit and special situations markets. It is located in New York City.

About Oaktree Capital Management

Oaktree’s mission is to provide highly professional management in a limited number of sophisticated investment specialties. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investment niches in high yield bonds, convertible securities, distressed debt, private equity and real estate. Today, Oaktree manages approximately USD 60.5bn** with over 560 employees in Los Angeles (headquarters), New York, Stamford (Connecticut), Frankfurt, London, Luxembourg*, Paris, Amsterdam*, Beijing, Hong Kong, Seoul, Shanghai, Singapore and Tokyo.

* Office of affiliates of Oaktree-managed funds

** As of June 30, 2009

Press contacts BAVARIA Yachtbau GmbH Andrés Cárdenas, CEO Tel.: +49-9334-942-1910 acardenas@bavaria-yachtbau.com Bain Capital Bernhard Meising Tel.: +49-89-599-458-128 bernhard.meising@cnc-communications.com Anchorage Advisors, L.L.C. Christof Schramm Tel.: +49-211-9541-2311 christof.schramm@pleon.com Oaktree Capital Management Oren Peleg Tel.: +44-207-201-4684 opeleg@oaktreecapital.com

Source: Bavaria Yachtbau GmbH

Press contacts: BAVARIA Yachtbau GmbH, Andrés Cárdenas, CEO, Tel.: +49-9334-942-1910, acardenas at bavaria-yachtbau.com ; Bain Capital, Bernhard Meising, Tel.: +49-89-599-458-128, bernhard.meising at cnc-communications.com ; Anchorage Advisors, L.L.C., Christof Schramm, Tel.: +49-211-9541-2311, christof.schramm at pleon.com ; Oaktree Capital Management, Oren Peleg, Tel.: +44-207-201-4684, opeleg at oaktreecapital.com .