With a notice published in some financial newspapers, Piaggio Aero Industries and Piaggio Aviation extraordinary commissioners Carmelo Cosentino, Vincenzo Nicastro and Gianpaolo Davide Rossetti have announced the extension until 19 June, 6.00 pm CEST, of the deadline for submitting expressions of interest to purchase the business complexes of the two companies under extraordinary administration.
The decision was taken because some interested parties had asked for more time to submit the necessary documents. The original deadline was set for 12 June, 2023.
Piaggio Aerospace currently has a 556 million euro order portfolio, with a P.180 Avanti EVO backlog of 17 units. The company expects to break even at the end of 2023.
The sale of Piaggio commenced in April 2019 with the company having gone under Extraordinary Receivership in December 2018. A relaunch plan was lodged with the Ministry of Economic Development in August 2019.
In January 2022 Piaggio Aerospace was still looking for a buyer. Having closed one of its best financial years, the company was hoping the purchaser would implement a recovery plan for the whole business. That purchaser had still not been confirmed, and extraordinary commissioner Vincenzo Nicastro reopened the bidding process. Expressions of interest were then to be submitted by 28 February, 2022 and five interested parties were given until 12 June, 2023 to submit the required documentation.
In May 2023, the Minister of Industry and Made in Italy Adolfo Urso extended the deadline to complete the sale process by one year to 13 May, 2024.