Piaggio Aerospace’s five-year stint in administration shows no sign of ending any time soon after the deadline to submit binding offers for the Italian airframer was again extended.
Bidders now have until 30 January to “submit final and binding offers”, the deadline having been pushed back several times under the latest attempt to find a buyer for the troubled firm. Any sale agreement will be subject to approval from the Italian economy ministry.
No reasons for the deadline extension have been revealed, however.
Launching the sales effort in May – the third such process – the state-appointed commissioners running Piaggio Aerospace set an autumn deadline for binding offers, with the hope of signing a preliminary deal by year-end.
Through that process, 13 of the 18 companies to express an interest in buying the business were granted access to Piaggio Aerospace’s data room to carry out due diligence.
The identity of the interested parties remains undisclosed; however, in November, Leonardo chief executive Roberto Cingolani ruled out his firm’s participation in the sales process.
Piaggio Aerospace – which comprises two companies, Piaggio Aero Industries and Piaggio Aviation – has been in extraordinary receivership since December 2018, after majority shareholder Abu Dhabi investment fund Mubadala pulled out.
Although most famous for its distinctive P180 twin-turboprop, Piaggio Aerospace also has extensive maintenance capabilities and engine component manufacturing.
The extraordinary commissioners running the company are seeking to sell Piaggio Aerospace in its entirety.
During their period in charge, they have attempted to stabilise the airframer’s finances, signing multiple contracts with the Italian government for new aircraft for the armed forces and long-term maintenance provision.
Detailing new commercial activity in their latest update for the three months to end-June – published on 13 November – the commissioners disclosed new support contracts with the national fire service and 25% increases in the value of deals with the Italian defence ministry.
