Piaggio Draws Offers from Four Entities

The field of bidders for Piaggio Aerospace has narrowed again, with four entities filing non-binding offers by the March 5 deadline. After weighing expressions of interest from 19 potential bidders for Piaggio, the Italian Ministry for Economic Development late last month had extended invitations to five entities from three continents to submit offers.

Piaggio Aerospace commissioner Vincenzo Nicastro will assess the offers and send the analysis to the Ministry for Economic Development to determine the strongest bidder. Negotiations will then begin with that organization. Officials estimated that the negotiating period would last about a month before an irrevocable and binding offer is finalized.

“We have received a wide range of proposals,” said Nicastro. "Now the most delicate stage begins, which I hope will lead to identifying the best solution in the interest of Piaggio Aerospace, its employees, as well as the company’s creditors.”

Piaggio Aerospace, which employs 940 people and produces the nine-seat Avanti Evo twin-turboprop, entered extraordinary receivership in late 2018. Nicastro confirmed last month that the manufacturer is carrying forward its production and commercial plans with new orders near signing.