Deadline Extended for Piaggio Aero Sale

 - March 24, 2020, 4:11 PM
Piaggio Aerospace, the Italian manufacturer of the Avanti Evo, hopes to find a buyer and close the deal by year-end. (Photo: Piaggio Aerospace)

This story is part of AIN's continuing coverage of the impact of the coronavirus on aviation.

The notification deadline for groups interested in purchasing Piaggio Aero Industries and its subsidiary, Piaggio Aviation, has been extended because of the Covid-19 pandemic, it announced on Tuesday. Formal notifications of interest in acquiring the Italian companies, under what officials call an “expression of interest,” will be accepted until May 4. The original deadline for submitting an EOI was April 3.

The deadline was extended “in view of the ongoing Covid-19 epidemiological emergency,” according to extraordinary commissioner Vincenzo Nicastro. The two companies operating under the Piaggio Aerospace brand were placed into “extraordinary administration” after declaring insolvency in November 2018 and undergoing a year-long restructuring process.

Piaggio Aerospace, which also controls U.S. subsidiary Piaggio America, does business in the aviation and engine segments. The former focuses on the design, construction, and maintenance of civil and military aircraft, while the latter builds and maintains aero engines. The companies were officially put up for sale in late February. At the time of that announcement, Piaggio Aerospace said it had approximately €450 million ($485 million) of orders in hand, with another equal amount pending.