Italian manufacturer Piaggio Aerospace declared insolvency on 22 November, asking for extraordinary administration that would allow them to restructure.
Piaggio manufactures and markets the P-180 Avanti Evo twin turbo-prop, which is aimed at the corporate and business aviation sectors. It is believed they are not selling well.
In December last year, Piaggio released a five-year turn-around plan that included a further investment of $US342 million from parent company Mubadala.
According to a statement from Piaggio, the turn-around plan failed in its key objective.
“Despite the commitment and hard work of everyone at Piaggio Aerospace, as well as the significant financial contribution made over the years by the shareholder, the key fundam…
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