New Financing Allows Piaggio To Return To Operations Piaggio Aerospace is back in the news again but this time with more positive news. 35.7 million dollars (30 million Euros) in new financing. This allows the company to resume some work and keep the search on for a new buyer for the business. You might remember Piaggio Aerospace went into extraordinary receivership in 2018 and ever-since then it has been looking for suitable buyers to purchase the company. An extraordinary commissioner - Vincenzo Nicastro- was appointed to oversee the affairs of the process.
"The agreement, reached at the end of a process that has initially involved other public and private financial institutions, will now allow Piaggio Aero Industries and Piaggio Aviation—the two companies in extraordinary administration that operate under the Piaggio Aerospace brand—to be fully operational," said Vincenzo Nicastro, the extraordinary commissioner for Piaggio, "thus gradually recalling the workers still in temporary layoffs. The sales process can also be now completed." In the meanwhile Piaggio has several contracts in the works particularly with the Italian Government and Military for servicing Piaggio Avanti aircraft. For more information: Piaggio Aero Viale Generale Disegna, 1 17038 Villanova d’Albenga (Savona, Italy) www.piaggioaerospace.it ***
