Italy's Piaggio Aerospace kicks off new tender to seek buyers
09/05/2023 18:02
MILAN, May 9 (Reuters) - Italy's Piaggio Aerospace, the
maker of planes and drones which filed for protection from
creditors in late 2018, said on Tuesday it had launched a new
tender for its sale, with potential bidders having until June
12 to submit their interest.
Bidders deemed suitable will be given a 30-day due diligence
period, after which they can submit a binding offer, it added in
a statement.
Italy's Industry Minister Adolfo Urso has extended the
deadline for the sale of Piaggio Aerospace - which comprises
Piaggio Aereo and Piaggio Aviation - until May 13, 2024, it
added.
It said the two assets must be considered as one company.
"Our objective is to identify in the shortest possible time
a potential buyer, also at an international level, that can
guarantee production continuity, specific expertise, employment
preservation and financial reliability," Piaggio Aerospace's
special administrators said.
The company currently has an order backlog of around 556
million euros ($612 million).
Piaggio Aerospace is separate from Vespa scooter maker
Piaggio.
($1 = 0.9084 euros)
(Reporting by Elisa Anzolin
Writing by Cristina Carlevaro Editing by Alvise Armellini and
Mark Potter)
((cristina.carlevaro@thomsonreuters.com; +39 06 80307729;))