Italian manufacturer Piaggio Aerospace is beginning its restructuring process with the sale process of the business units of Piaggio Aero Industries and Piaggio Aviation. The two companies are under receivership proceedings and operate under the much-known brand of Piaggio Aerospace.
Piaggio’s Extraordinary Commissioners publicly announced that they have undergone the due diligence process of 13 subjects, amongst the 18 who have shown interest to buy the Italian manufacturer. This, therefore, grants the 13 buyers access to the data room of Piaggio.
Secrecy first
The details of the 13 new potential buyers remain a close confidence for now, as Piaggio Aerospace’s Commissioners Carmelo Cosentino, Vincenzo Nicastro, and Gianpaolo Davide Rossetti did not reveal any names.
Nevertheless, these gentlemen assured that those who are interested in buying the company are Italian or European, and are “first-level companies or consortia mainly with an industrial background”.
Moreover, the 13 potential buyers will have until the end of August to completely access the data room to fish out any important information regarding the business model and structure of the two companies and assess among other propositions which might interest them.
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After they have done their due diligence phase, Piaggio Aerospace expects binding offers that will be solicited.
The Commissioners commented: “We are starting this new phase of the procedure in full compliance with the original timetable. We are aiming at having a name to propose to the Ministry of Enterprises and Made in Italy in the autumn and sign a preliminary, binding deal by the end of the year”.
Piaggio has had a rough patch during covid, and the current phase of the selling of the Piaggio Aero Industries and Piaggio Aviation business complexes was made public by the Extraordinary Commissioners on May 10. The cut-off date for the presentation of new interests was on June 19.
The Commissioners furthered: “We’ll proceed expeditiously and without exceptions of any kind, aiming at identifying a new owner who, in addition to recognizing the fair value of the Group, will be able to propose a long-term strategy, safeguarding the company’s brand, competencies and employment”.
The Ferrari Of The Skies
A unique Italian design is like no other aircraft in the market, with performance trumping that of any business jet in its class, in terms of range, speed, cruising altitude, and economics.
Piaggio may have not gained the fame that it deserves, but we believe that the company will outshine other light business jets in its class after it has found a new owner.
The aircraft was certified and made airworthy in 1990, and has never failed to impress its owners and prospective buyers. In fact, in 2005, the more efficient upgraded Avanti 2 attracted 56 orders from Avanti Air, an American fractional ownership company.
With its distinct design and unrivalled design surely earned its name as the Ferrari of The Skies
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