Piaggio Aerospace recently declared insolvency, asking for extraordinary administration that would facilitate restructuring, the company confirmed. Under extraordinary administration, the Italian government will appoint a commissar who will work to guarantee business continuity, a spokesman said.
The move comes a year after the financially troubled Italianmanufacturer outlined a five-year turnaround plan that included a 255 million ($342 million) cash injection from Piaggio parent Mubadala Investment Company to support Piaggio Aerospaces financial needs, combined with a total bank debt repurchase and conversion to equity by the shareholder in support of Piaggio Aerospaces balance sheet. By May, c…
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