Piaggio Aero sale: deadline for bidders is now June 2020....

[Stratofreighter]

https://www.ainonline.com/aviation-news ... -aero-sale

Deadline Extended for Piaggio Aero Sale

- March 24, 2020, 4:11 PM

The notification deadline for groups interested in purchasing Piaggio Aero Industries and its subsidiary,
Piaggio Aviation,
has been extended because of the Covid-19 pandemic, it announced on Tuesday.

Formal notifications of interest in acquiring the Italian companies,
under what officials call an “expression of interest,” will be accepted until May 4.
The original deadline for submitting an EOI was April 3.

The deadline was extended “in view of the ongoing Covid-19 epidemiological emergency,”
according to extraordinary commissioner Vincenzo Nicastro.

The two companies operating under the Piaggio Aerospace brand were placed into “extraordinary administration”
after declaring insolvency in November 2018
and undergoing a year-long restructuring process.

Piaggio Aerospace, which also controls U.S. subsidiary Piaggio America, does business in the aviation and engine segments.

The former focuses on the design, construction, and maintenance of civil and military aircraft,
while the latter builds and maintains aero engines.

The companies were officially put up for sale in late February 2020.
At the time of that announcement,
Piaggio Aerospace said it had approximately €450 million ($485 million) of orders in hand,
with another equal amount pending.

https://www.ainonline.com/aviation-news ... -aero-sale
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https://www.flightglobal.com/aerospace/ ... 00.article

[Stratofreighter]

https://www.flightglobal.com/business-a ... 99.article

Piaggio Aerospace’s administrator has extended for a second time
the deadline for parties to submit expressions of interest in the Italian manufacturer.

The move came on the back of continued disruption
caused by the coronavirus outbreak which forced the country into lockdown on 9 March 2020.

Extraordinary commissioner Vincenzo Nicastro says the 25-day extension, from 4 to 29 May 2020,
was made due to “the ongoing international epidemiological emergency from Covid-19,
and the consequent additional containment measures adopted by numerous governments”.

Nicastro invited expressions of interest to acquire Piaggio on 26 February,
with the original deadline set for 3 April.
The first extension was announced on 24 March 2020.

The airframer has a lifeline package of orders and commitments from the Italian government worth €900 million ($980 million).
These have been secured by the commissioner to make Piaggio more attractive to a potential buyer.

Forty companies have expressed an interest in acquiring all or part of the firm
– developer of the P180 Avanti twin-pusher and its unmanned surveillance variant, the P1HH Hammerhead -
but Nicastro plans to sell Piaggio in its entirety to a buyer who has a long-term vision for the company.

https://www.flightglobal.com/business-a ... 99.article