Italian boatbuilding giant the Ferretti Group is to undergo a restructuring that could see up to 300 employees lose their jobs, according to a report from the company’s union representatives.

Indirect employees could also be reduced from 1,800 to 400 according to plans presented by CEO Salvatore Basile at a meeting with Italian employers’ federation Confindustria.

Ferretti management and union representatives met with Confindustria on November 19. The union representatives released details of the meeting to local press.

According to the unions’ reports, details of yacht brand Apreamare’s possible departure from the Ferretti Group could be finalised in coming days. Further restructuring measures could include the unification of Riva, Ferretti Yachts and Pershing under one company.

The meeting concerned the reorganisation of Ferretti Group brands Riva, Ferretti, Pershing and CRN.

In January this year Ferretti defaulted on its debt repayment after refinancing assistance was sought. In July the group finalised its debt restructuring and named Salvatore Basile as its CEO.

The Ferretti Group’s nine yacht brands include Ferretti Yachts, Pershing, Itama, Bertram Yacht, Riva, Apreamare, Mochi Craft, Custom Line and CRN. The group was founded in 1968 by Ferretti Group chairman Norberto Ferretti.