Italian A/C Manufacturer Reportedly Draws 19 Bids

For those of you who thought the innovative Piaggio Aerospace program may be toast, you may be wrong. Piaggio Aerospace, best known for the curvy Avanti EVO Twin Turbo-Prop, filed for the equivalent of bankruptcy protection late in 2018.

Since then, some 19 international concerns have expressed interest in acquiring the stumbling company. 

Via a public statement, the company’s special administrator Vincenzo Nicastro, reported that, “Bids came in a bit from all over the world but especially from North America, Europe and the Far East.”

Originally; the deadline for the submission of the expressions of interest (EOIs) related to the purchase of the business complexes managed by the two companies (both under 'extraordinary administration'), was set for April 3, but extended to May 4th. The extension was granted, "in view of the ongoing COVID-19 epidemiological emergency."

Nicastro reports that the majority of bidders were interested in assuming and operating the company as a whole, and it is hoped that a new owner may be in place before the end of the year.

Piaggio Aerospace still has a healthy order book to boast of -- with 640 million euros already placed and another 260 million euros in contracts under negotiation.

FMI: www.piaggioaerospace.it