Piaggio Aerospace, the traditional Italian aircraft manufacturer, has filed for insolvency. The company, which was controlled by Abu Dhabi-based investment association Mubadala, declared bankruptcy on 22 November. According to Italian media, the decision wasnt made easy but was necessary for a complete restart. PiaggioAerospace needs to escape ongoing uncertainties stemming from its current financial situation. The main reason for the filing is that Piaggiosaircraft, including the Avanti Evo and the P.1HH, which were made for business companies, were not selling well.
About 1200 people are employed by Piaggio. The future of these positions is unclear.
Piaggio was founded in 1884 in Genoa, Italy. After some success producing motor vehicl…
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