Piaggio Aerospace gets financing from Banca Ifis for €30 million
After having received the final green light from the Ministry of Economic Development and the approval of the Supervisory Committee, Piaggio Aerospace and Banca Ifis have signed a contract for financing – in the form of an advance on contracts and factoring operations – for a total amount of €30 million.
“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”, the Extraordinary Commissioner Vincenzo Nicastro said, “thus gradually recalling the workers still in temporary layoffs. The sales process can also be now completed”, he added.
Nicastro – appointed by the Italian Government in December 2018 – recently launched an international tender for the sale of the business complexes of the two companies: 19 entities from all over the world originally submitted their invitation of interest, 11 of which were subsequently admitted to the data room. The primary goal of the Commissioner is to find a new owner by the end of this year.
With the recent award of a new multi-year contract by the Defence for the integrated logistical support of the entire of P.180s fleet operated by the Armed Forces, Piaggio Aerospace has now a backlog equal to €640 million. More orders, for a further amount of €260 million, are in various stages of negotiation. The total order intake should therefore reach €900 million.