Officials handling the long-running bankruptcy protection proceedings for Piaggio Aerospace are making another attempt to find a buyer for the Italian aircraft manufacturer. On Wednesday, the “extraordinary receivership governing body” will publish details of the latest bidding process in selected Italian and international newspapers, as well as on its own website.
Prospective bidders for Piaggio’s assets will have until June 12 to submit the required documentation. Once this deadline passes, eligible applicants, which could include approved foreign interests, will be given 30 days to conduct due diligence on the company data before having to make binding offers.
This week, Adolfo Urso, Italy’s minister of industry, extended the deadline to complete the sale process by 12 months so that it will run through May 13, 2024. Two new commissioners, Carmelo Cosentino and Davide Rossetti, were recently appointed to join Vincenzo Nicastro on the extraordinary receivership governing body. The government-backed sale process has had several false starts since it was started in November 2019, having most recently failed to close a deal in 2022.
According to the receivers, Piaggio Aerospace has a backlog of orders worth around €556 million ($609 million). The Genoa-based company produces the Avanti Evo twin-pusher business turboprop, as well as a multirole patrol aircraft and uncrewed air systems for defense customers. It is also involved in aircraft engine manufacturing under licenses from a number of international OEMs.
“Our objective is identifying the best industrial solution in the shortest possible time, finding a prospective buyer—even at the international level—who can guarantee operational continuity, maintenance of employment, specific know-how and financial stability, as well as recognize the company’s fair value,” said the commissioners.