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Business Air News
The monthly news publication for aviation professionals.
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Piaggio Aerospace
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BAN's World Gazetteer

Italy
The monthly news publication for aviation professionals.

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Piaggio extraordinary administration heats up
The Minister of Industry and Made in Italy, Adolfo Urso, has extended the deadline to complete the sale process by one year, which now ends on May 13, 2024.
Vincenzo Nicastro eagerly awaits offers.

A few weeks after Carmelo Cosentino and Davide Rossetti joined Vincenzo Nicastro in the extraordinary receivership governing body, and after receiving the relevant authorisation from the Italian Ministry of Industry and Made in Italy (MIMIT), the bidding process for the sale of the business complexes of Piaggio Aero and Piaggio Aviation, the two companies under extraordinary administration that operate under the Piaggio Aerospace brand, has officially reopened.

The details were published on 10 May in selected Italian and international newspapers, as well as on the website of the extraordinary receivership. According to the tender, the parties that are interested in purchasing the assets of the companies, which are two legal entities but a unicum as an industry, have until 12 June 2023 to submit the required documentation. According to the strict schedule of the sale, once the deadline has expired, eligible applicants will be granted approximately 30-day access to the data room. Thereafter, binding offers will be solicited and the most appropriate will eventually be selected.

In the meantime, the Minister of Industry and Made in Italy, Adolfo Urso, extended the deadline to complete the sale process by one year, which now ends on May 13, 2024.

“Our objective”, explains the extraordinary commissioners, “is identifying the best industrial solution in the shortest possible time, finding a prospective buyer, even at the international level, that can guarantee operational continuity, maintenance of employment, specific know-how and financial stability, as well as recognise the company's fair value.”

Piaggio Aerospace currently has a backlog and order intake of approximately 556 million euros.

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