Piaggio Aerospace goes into receivership

Grey Havoc

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https://www.flightglobal.com/news/articles/piaggio-aerospace-goes-into-receivership-453877/

Italian manufacturer Piaggio Aerospace has requested to be placed into receivership after declaring itself insolvent.

The board of the company made a request with the Italian government on 22 November to enter an "extraordinary administration proceeding": a local process specifically aimed at industrial insolvency and company restructuring.

[snip]
 

FighterJock

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Grey Havoc said:
https://www.flightglobal.com/news/articles/piaggio-aerospace-goes-into-receivership-453877/

Italian manufacturer Piaggio Aerospace has requested to be placed into receivership after declaring itself insolvent.

The board of the company made a request with the Italian government on 22 November to enter an "extraordinary administration proceeding": a local process specifically aimed at industrial insolvency and company restructuring.

[snip]

That will be extremely sad if Piaggio goes under, they did design and build good looking aircraft. I do hope that someone out there has the money to save them. :eek: :'(
 

Grey Havoc

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Grey Havoc

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https://www.defensenews.com/global/europe/2018/12/07/facing-uncertain-future-piaggio-aerospace-gets-new-management/

Piaggio Aerospace’s request to the Italian government to be put into receivership due to “the state of insolvency of the company,” was the latest chapter in the firm’s rocky recent history.

Taken over by Mubadala Development Company in 2014, the firm signed to sell the UAE in 2016 eight of its P.1HH aircraft, dubbed the Hammerhead, an unmanned variant of its P180 business aircraft, which flies with two pusher propellers.

After delays in developments, six were almost ready for delivery. But Mubadala has not only put the firm into receivership, it has also cancelled the order, the source said.

After initially agreeing to also buy the P.1HH, the Italian Air Force opted for a longer endurance version, the P.2HH, and earlier this year Italy’s ministry of defense sent an acquisition request to the Italian parliament’s defense commission for 20 aircraft at a cost of €766 million (U.S. $874 million) .

But parliament has not yet voted on the program as Italy’s new government seeks cuts in defense spending.

Decision makers in Italy are meanwhile concerned that the P2.HH will overlap with the Euromale drone that European partners, including Italy, are now developing.

In Italy, the UAE’s decision to pull out of the firm and cancel the P.1HH has been attributed both to the delay in the program and Italy’s sluggishness in committing to the P.2HH.
 

Grey Havoc

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https://www.flightglobal.com/news/articles/piaggio-aerospace-administrator-begins-task-of-findi-454886/

One HammerHead is believed to have been delivered to the Gulf state, with a further five examples in various states of assembly at the Villanova D’Albenga factory near Genoa. The UAE was due to have taken all eight aircraft by the end of 2019.

According to a source familiar with the situation, Abu Dhabi developed cold feet in late summer after Italy's new populist coalition government stalled on a $1.7 billion commitment to launch with the UAE the development of a new version of the HammerHead, the P2HH, and order 20 examples each for delivery from 2023.

Prospects for the business aircraft operation are also gloomy. After making just three deliveries in 2017, Piaggio shipped two examples of the P180 Avanti Evo twin-pusher in the first nine months of last year, according to General Aviation Manufacturers Association figures, with one more thought to have been added in the final quarter.

The performance was below Piaggio's forecasts. However, FlightGlobal understands that Mubadala's nervousness about the P2HH project caused the wealth fund to begin withdrawing investment from its Italian subsidiary in the second half of the year, prompting a slowdown in Avanti production.

However, a source says the administrator will be "presenting the message to the industry that the company is not bankrupt but continues to be operational, and looking at all areas where there is a market [for the Avanti Evo]".

There is also hope that new owners could resurrect the unmanned aircraft effort, even if a new order from Rome or Abu Dhabi remains a distant prospect. Leonardo, Italy's biggest aerospace and defence firm and a partner in the HammerHead programme, remains the most realistic suitor.
 

TomcatViP

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I wish airbus had some money to spare. Probably their best investment opportunity since long after the whole gamut of StartupFromFriends bought lately.
 

FighterJock

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I am surprised that Leonardo have not looked into buying Piaggio Aerospace, since they are both Italian companies.
 

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