Piaggio Aerospace’s extraordinary commissioners have received 18 expressions of interest (EOIs) for the purchase of Piaggio Aero Industries and Piaggio Aviation. Both operate under the Piaggio Aerospace brand and under government-appointed extraordinary administration, the U.S. equivalent of a bankruptcy restructuring. The deadline to submit the requested documents expired yesterday, June 19, at 6 p.m. CEST.
In a joint statement, the commissioners said, “The market is sending us encouraging signals. Most of the EOIs were submitted by prominent business parties. This acknowledges once again the attention for a national strategic company with significant potential, especially considering the latest developments on sustainable mobility.” Half of the EOIs were submitted by businesses domiciled in Italy. Others were submitted by entities in Europe, North America, and Asia. Most of the parties confirmed their interest in buying the assets of both companies in their entirety.
The commissioners will now evaluate the submissions to determine which entities qualify for bidding. Qualifiers will be given access to Genoa-based Piaggio’s financial and other records in order to value their bids, due within 30 days. The commissioners have said they intend to identify a new owner for the company by year’s end but have until May 13, 2024, to make an award.
Piaggio has declared insolvency multiple times since 1995 and has been under extraordinary administration since 2018. The company claims an order backlog of $609 million covering 17 P.180 Avanti Evo twin-pusher business turboprops. The commissioners claim the company will reach break-even financial operations by the end of 2023. The P.180 made its first flight in 1986 and received certification in 1990. Approximately 250 have been produced to date.