Story ID: 
Piaggio Receivership Commissioners Extend Sale Deadline
By: Charles Alcock
Caption: Prospective buyers for aircraft manufacturer Piaggio now have an extra week to submit expressions of interest, with the deadline extended to June 19.
Word Count: 220
Italian officials seeking buyers for Piaggio Aerospace and Piaggio Aviation have extended the deadline to receive expressions of interest by one week to June 19. In a statement issued today, the “extraordinary commissioners” handling the receivership process said they have allowed more time for several interested parties to submit the required documents.
According to the statement, Piaggio Aerospace holds an order backlog worth €556 million ($609 million) covering 17 units of its P.180 Avanti Evo twin-pusher business turboprop. It said that the Genoa-based company is expected to break even on its balance sheet by year-end.
In May, the commissioners announced that the sale process can run for an additional 12 months to be concluded by May 13, 2024. Once the June 19 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.
In addition to civil versions of the Avanti Evo, the company produces 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.
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.